129 0 Kommentare Notice of Lead Plaintiff Deadline for Shareholders in the Braskem S.A. Class Action Lawsuit - Seite 2

On April 2, 2019, Braskem disclosed that Braskem had been sued by local authorities in connection with a geological event it had purportedly caused in the state of Alagoas, Brazil. Braskem disclosed that the lawsuits were requesting a freeze of approximately R$6.7 billion in assets “to guarantee any potential damages owed to the general public affected by the geological phenomenon which occurred in districts near the rock salt extraction area in Maceió.” On this news, the price of Braskem American Depositary Shares (“ADSs”) fell nearly 6% over two trading days.

Then, on July 9, 2020, Braskem disclosed that authorities in northeastern Brazil had advised Braskem that the geological damage from its salt mining operations was more widespread than initial estimates. Among other things, 1,918 properties needed to be evacuated because of the geological event associated with Braskem’s mining operations, and Braskem estimated that moving the residents would cost Braskem an additional R$850 million in possible payments to those residents, with another additional R$750 million in expenses to “definitively” shut down Braskem’s salt mining operations. On this news, Braskem’s ADS price fell an additional 6.20%.

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