SAN DIEGO & SAO JOSE DOS CAMPOS, Brazil--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Embraer S.A. (NYSE: ERJ) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between April 16, 2012 and July 28, 2016. Embraer designs, develops, manufactures, and sells aircraft and systems in Brazil, North America, Latin America, the Asia Pacific, Europe, and internationally.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/embraer-s-a
Embraer Accused of Hiding Bribery Scheme From Investors
According to the complaint, Embraer submitted several filings with the U.S. Securities and Exchange Commission ("SEC") certifying that the financial information was accurate and disclosed any material changes to the company's internal control over financial reporting. However, Embraer officials failed to disclose that the company had paid bribes to officials in the Dominican Republic to secure contracts for the sale of aircraft while Embraer's President and Chief Executive Officer was aware of the bribery scheme. On September 23, 2014, The Wall Street Journal reported that Brazilian authorities filed bribery charges against eight Embraer employees, claiming that they had bribed officials in the Dominican Republic to secure a $92 million contract. On July 29, 2016, Embraer revealed that it was recognizing a $200 million loss contingency in the quarter ended June 30, 2016, reflecting the likely outcome of investigations by the U.S. Department of Justice and the SEC. The stock continues to trade below its class period high.
Embraer Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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