BRF S.A. (NYSE: BRFS)
Hagens Berman Sobol Shapiro LLP reminds investors in BRF S.A. (NYSE: BRFS) of the May 11, 2018 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the Southern District of New York. Also, in an ominous note, on April 23, 2018, the new CEO of Brazil’s largest poultry producer, José Aurélio Drummond Jr, resigned.
If you purchased or otherwise acquired shares of BRFS between April 4, 2013 and March 2, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing BRFS@hbsslaw.com.
During March 2017, news outlets reported Brazilian federal police raided BRF offices following a two-year investigation into bribery of regulators to subvert inspections of BRF plants. The probe is known as “Operation Weak Flesh.”
Then, on March 5, 2018, Reuters reported Brazilian police arrested the former chief executive of BRF S.A. (Pedro Faria) on charges that he and other executives knew the company committed fraud in trying to evade food safety checks.
This news drove the price of BRF securities down $1.83, or over 19%, to close at $7.59 on March 5, 2018.
“We’re focused on evidence unearthed by Brazil’s federal police suggesting that the Company’s management was aware of these illegal practices,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding BRF S.A. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email BRFS@hbsslaw.com.
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