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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 November 28, 2017 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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October 20, 2017 - The court approved the settlement.
July 10, 2017 - The court preliminarily approved the settlement.
July 6, 2017 - A stipulation of settlement was filed by the parties.
January 17, 2017 - A motion to dismiss the amended consolidated complaint was filed.
October 31, 2016 - An amended consolidated complaint was filed.
May 26, 2016 - An investor in shares of Gerdau SA (ADR) (NYSE: GGB) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Gerdau SA in connection with certain allegedly false and misleading statements made between June 2, 2011 and May 15, 2016.
According to the complaint the plaintiff alleges on behalf of purchasers of Gerdau SA (ADR) (NYSE: GGB) common shares between June 2, 2011 and May 15, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 2, 2011 and May 15, 2016 the defendants issued false and misleading statements to investors and/or failed to disclose that the Company was engaged in a bribery scheme in collusion with Brazil's Board of Tax Appeals ( CARF ), that Gerdau had defrauded Brazilian tax authorities of roughly $429 million in taxes, that Gerdau SA's Chief Executive Officer ( CEO ), defendant André Bier Gerdau Johannpeter and other directors and employees of the Company had engaged in bribery, money laundering, and influence peddling, and that as a result, Gerdau SA’s public statements were materially false and misleading at all relevant times.
On May 16, 2016, various news outlets reported that Brazil’s federal police accused Gerdau SA of evading $429 million in taxes and indicted certain Gerdau SA executives, including Chief Executive Officer André Gerdau Johannpeter, on corruption-related charges. The charges included bribery, money laundering, and influence peddling. Shares of Gerdau SA (ADR) (NYSE: GGB) declined to as low as $1.59 per share on May 17, 2016.