The complaint filed in this lawsuit alleges that the company issued misleading and/or false statements and/or failed to disclose information pertinent to investors. On July 9, 2020, Braskem disclosed that the company was advised by Brazilian authorities that the residents of 1,918 homes were forced to be evacuated after the company’s mining operations caused a geological event. Braskem estimates the cost of relocating the residents would be 850 million reais, with another 750 million reais for additional measures relating to the permanent closure of its salt mining activities. On the same day, Braskem’s ADRs fell by more than 6% on this news.

Braskem, S.A.

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Portnoy Law Firm
Lesley F. Portnoy, Esq.,
Office: 310.692.8883
8240 Beverly Blvd., Suite 9
Los Angeles, CA 90048