Notice of Lead Plaintiff Deadline for Shareholders in the Braskem S.A. Class Action Lawsuit

Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the District of New Jersey on behalf of purchasers of Braskem S.A. (NYSE:BAK) securities between May 6, 2016 and July 8, 2020, inclusive (the “Class Period”). The case is captioned Coutinho v. Braskem S.A., No. 20-cv-11366, and is assigned to Judge Claire Cecchi. The Braskem class action lawsuit charges Braskem and certain of its officers with violations of the Securities Exchange Act of 1934.

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Braskem securities during the Class Period to seek appointment as lead plaintiff in the Braskem class action lawsuit. A lead plaintiff will act on behalf of all other class members in directing the Braskem class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Braskem class action lawsuit. An investor’s ability to share in any potential future recovery of the Braskem class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Braskem class action lawsuit or have questions concerning your rights regarding the Braskem class action lawsuit, please provide your information here or contact counsel, J.C. Sanchez of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at [e-mail]. Lead plaintiff motions for the Braskem class action lawsuit must be filed with the court no later than October 26, 2020.

Braskem is purportedly the largest producer of thermoplastic resins in the Americas, based on the annual production capacity of Braskem’s twenty-nine plants in Brazil, six plants in the United States, two plants in Germany, and four plants in Mexico, as of December 31, 2019.

The Braskem class action lawsuit alleges that during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Braskem’s salt mining operations were unsafe and presented a significant danger to surrounding areas, including nearly two thousand properties; (ii) the foregoing foreseeably increased the risk that Braskem would be subjected to remedial liabilities, including, but not limited to, increased governmental and/or regulatory oversight or enforcement, significant monetary and reputational damage, and/or the permanent closure of one or more of its salt mining operations; (iii) accordingly, earnings generated from Braskem’s salt mining operations were unsustainable; (iv) Braskem downplayed the true scope and severity of Braskem’s liability with respect to its salt mining operations; and (v) as a result, Braskem’s public statements were materially false and misleading at all relevant times.