-
If you purchased American Depositary Shares of Aracruz Celulose SA (ADS) (NYSE: ARA), you might have certain options and should contact the Shareholders Foundation, Inc.
-
To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
July 10, 2014 - The court ordered the authorization of the distribution of the net settlement fund.
March 14, 2013 - The court preliminarily approved the settlement.
January 24, 2013 - Parties filed a stipulation of settlement.
September 16, 2011 - The court denied the defendants' motion to dismiss filed on November 13, 2009 and granted in part and denied in part the motions to dismiss filed on October 15, 2010.
October 15, 2010 - Additional defendants filed motions to dismiss.
November 13, 2009 - The defendants filed a motion to dismiss.
October 5, 2009 - The lead plaintiff filed an amended complaint.
August 7, 2009 - The lead plaintiff and lead counsel were appointed.
January 26, 2009 - Lead plaintiff motions were filed.
November 26, 2008 - An investor in American Depositary Shares of Aracruz Celulose SA (ADS) (NYSE: ARA) filed a lawsuit in the U.S. District Court for the Southern District of Florida against Aracruz Celulose SA over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 7, 2008 through October 2, 2008.
According to the complaint Aracruz Celulose SA (NYSE: ARA) entered between April 7, 2008 through October 2, 2008 into undisclosed currency derivative contracts to purportedly hedge against its U.S. dollar exposure, where Aracruz characterized the use of these contracts as protection against foreign interest rate volatility and assured investors that this type of trading did not represent “a risk from an economic and financial standpoint. But, so the lawsuit, these contracts violated Aracruz Celulose SA policy in that they were far larger than necessary to hedge normal business operations and as a result of Aracruz Celulose SA’s clandestine and speculative currency wagers, credit rating agencies downgraded Aracruz Celulose SA, its CFO resigned, and Aracruz Celulose SA’s stock suffered a decline, to the lowest levels in 14 years. On October 3, 2008, the price of American Depositary Shares of Aracruz Celulose SA (ADS) (NYSE: ARA) traded on the New York Stock Exchange closed at $23.40, down $7.84 per share, a decline of 25%.