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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of December 21, 2019 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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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
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July 24, 2019 - The court preliminarily approved the settlement.
July 1, 2019 - A stipulation of settlement was filed by the parties.
September 29, 2017 - The court granted in part and denied in part defendants' motion to dismiss.
December 23, 2016 - A motion to dismiss the amended complaint was filed.
October 21, 2016 - An amended complaint was filed.
June 3, 2016 - An investor in shares of Banco Bradesco SA (ADR) (NYSE: BBD) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Banco Bradesco SA in connection with certain allegedly false and misleading statements made between April 30, 2012 and May 31, 2016.
According to the complaint the plaintiff alleges on behalf of purchasers of Banco Bradesco SA (ADR) (NYSE: BBD) common shares between April 30, 2012 and May 31, 2016, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between April 30, 2012 and May 31, 2016 defendants issued false and misleading statements to investors and/or failed to disclose that Banco Bradesco SA was engaged in a bribery scheme in collusion with the Brazilian Finance Ministry’s CARF, that certain Banco Bradesco SA executives were plotting to avoid an $828 million tax fine that was imposed by Brazil’s Internal Revenue Service, that Banco Bradesco SA’s CEO, Defendant Cappi, and other executives, directors and employees of the Company had engaged in bribery, money laundering, and corruption;, that Banco Bradesco SA’s internal control over financial reporting and its disclosure controls and procedures were not effective, and that as a result, Banco Bradesco SA’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On May 31, 2016, various news outlets reported that Brazil’s federal police indicted certain Banco Bradesco SA executives, including Chief Executive Officer Luiz Carlos Trabuco Cappi, on corruption-related charges. Brazil’s federal police accused certain Banco Bradesco SA executives of plotting to avoid an $828 million tax fine that was imposed by Brazil’s Tax Revenue Service.
Shares of Banco Bradesco SA (ADR) (NYSE: BBD) declined on May 31, 2016 to $6.10 per share. On June 3, 2016, NYSE:BBD shares closed at $6.77 per share.