Hagens Berman Sobol Shapiro LLP alerts investors in Cemex, S.A.B. de C.V. (NYSE: CX) to the securities class action pending the U.S. District Court for the Southern District of New York and the May 15, 2018 Lead Plaintiff deadline.
If you purchased or otherwise acquired shares of CX between August 14, 2014 and March 13, 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 CX@hbsslaw.com.
Defendants disclosed on September 23, 2016 that Cemex dismissed two senior executives after an internal probe found that payments worth $20 million relating to a land deal in Columbia violated company protocols. The chief executive of Cemex’s subsidiary (Cemex Latam Holdings) resigned over the matter. This news drove the price of Cemex American Depositary Receipts down $0.17, or about 2.3%, to close at $7.26 on September 26, 2016.
Defendants disclosed on December 9, 2016 that Cemex received a subpoena from the SEC seeking information about irregular payments made at the Company’s Columbia unit.
More recently, on March 14, 2018, The Wall Street Journal reported the U.S. Department of Justice is investigating whether Cemex violated federal bribery laws. This news drove the price of Cemex ADRs down $0.12, or about 1.6%, to close at $7.21 on March 14, 2018.
“We’re focused on investors’ losses, the apparent accounting irregularities, and the details known to Cemex’s senior executives,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Cemex 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 CX@hbsslaw.com.