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CEMEX, S.A.B. de C.V. (NYSE: CX) Investor Securities Class Action Lawsuit 03/16/2018

  • If you purchased shares of CEMEX, S.A.B. de C.V. (NYSE: CX), you may have certain options. Please 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

Case Dismissed
Company
CEMEX, S.A.B. de C.V.
Security
NYSE: CX

Case Name
CEMEX Shareholder Class Action Lawsuit 03/16/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

February 10, 2020 - The court granted the defendants' motion to dismiss. The case was dismissed with prejudice.

September 5, 2019 - A motion to dismiss the second amended complaint was filed.

August 1, 2019 - A second amended complaint was filed.

July 12, 2019 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

September 14, 2018 - A motion to dismiss the amended complaint was filed.

August 2, 2018 - An amended complaint was filed.

March 18, 2016 - An investor in shares of CEMEX, S.A.B. de C.V. (NYSE: CX) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by CEMEX, S.A.B. de C.V. in connection with certain allegedly false and misleading statements made between August 14, 2014 and March 13, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of CEMEX, S.A.B. de C.V. (NYSE: CX) common shares between August 14, 2014 and March 13, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 14, 2014 and March 13, 2018, the Defendants made false and/or misleading statements and/or failed to disclose that Cemex executives had engaged in an unlawful bribery scheme in connection with the Company’s business dealings in Colombia, that discovery of the foregoing conduct would likely subject the Company to heightened regulatory scrutiny and potential criminal sanctions, that the Company lacked adequate internal controls over financial reporting, and that as a result, Cemex’s public statements were materially false and misleading at all relevant times.

Mexico based CEMEX, S.A.B. de C.V., together with its subsidiaries, produces, markets, distributes, and sells cement, ready-mix concrete, aggregates, clinker, and other construction materials.

On September 23, 2016, post-market, CEMEX, S.A.B. de C.V., disclosed the Company's dismissal of two senior executives after an internal probe found that payments worth $20 million relating to a land deal in Colombia had breached company protocols.
On December 9, 2016, CEMEX, S.A.B. de C.V. disclosed receipt of a subpoena from the U.S. Securities and Exchange Commission seeking information about irregular payments made at the Company's Colombia unit.

Then, on March 14, 2018, CEMEX, S.A.B. de C.V., disclosed that the U.S. Department of Justice is investigating the Company over payments made by the Company related to a cement plant it is building in Colombia to determine whether any violations of federal bribery laws occurred.

Shares of CEMEX, S.A.B. de C.V. (NYSE: CX) declined from $10.37 per share in July 2017 to as low as $6.92 per share on March 16, 2018.