NEW YORK, NY / ACCESSWIRE / July 21, 2016 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed on behalf of those who purchased shares of Tangoe, Inc. (“Tangoe” or”the Company”) (NASDAQ GS: TNGO), during the period between March 18, 2014 and March 7, 2016, inclusive (the “Class Period”) This action is pending in the United States District Court for the District of New Jersey.

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

The complaint alleges that Defendants violated Sections 10(b), 14(e) and 20(a) of the Securities Exchange Act of 1934.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants issued false and misleading statements to investors and/or failed to disclose that: (1) defendants made errors in recognizing Tangoe’s revenue; (2) the Company’s financial results were overstated; and (3) as a result, statements about Tangoe’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

After market closed on March 7, 2016, the Company issued a press release entitled, “Tangoe Announces That It Will Restate Financial Statements.”

Further, after market closed on March 7, 2016, the Company also filed a Form 8-K with the SEC disclosing the consolidated financial statements of the fiscal years ending December 31, 2013 and 2014, as well as the quarters ended March 31, 2015, June 30, 2015, and September 30, 2015 should no longer be relied upon.

On this news, shares of Tangoe fell $0.70 per share or over 9% from its previous closing price to close at $7.75 per share on March 8, 2016, damaging investors.

No Class has yet been certified in the above action. To discuss this action, or for any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator, Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Tangoe, you have until July 25, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:

Bronstein, Gewirtz & Grossman, LLC

Peretz Bronstein or Eitan Kimelman
212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz & Grossman, LLC

ReleaseID: 442349

NEW YORK, NY / ACCESSWIRE / July 21, 2016 / Bronstein, Gewirtz & Grossman, LLC, reminds investors of class action against CBL & Associates Properties Inc. (“CBL” or the “Company”) (NYSE: CBL). The class action has been filed on behalf of a class consisting of all persons or entities who purchased CBL common stock between August 8, 2013 and May 24, 2016 (the “Class Period”).

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Complaint alleges that CBL made materially false and/or misleading statements and/or failed to disclose material facts about the Company, including that (1) some of its employees may have provided material non-public information to Senator Robert Corker; and (2) the Company failed to disclose to its shareholders that certain of its financing arrangements may have been obtained through fraud and/or misrepresentation.

On May 24, 2016, various news reports published that CBL was being investigated by the FBI and SEC for overstating its properties’ rental income and occupancy charges when providing those figures to banks in financing applications. Following this news, CBL stock dropped roughly 9% on May 25, 2016.

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action please visit the firm’s site: http://www.bgandg.com/#!cbl/jrmj5 or contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael
Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in CBL you have until July 26, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz & Grossman, LLC

ReleaseID: 442273

NEW YORK, NY / ACCESSWIRE / July 21, 2016 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed on behalf of those who purchased shares of Stericycle, Inc. (“Stericycle” or the “Company”) (NASDAQ: SRCL & SRCLP), during the period between February 7, 2013 and April 28, 2016, inclusive (the “Class Period”).

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

The complaint alleges that Defendants violated Sections 10(b), 14(e) and 20(a) of the Securities Exchange Act of 1934.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements to investors or failed to disclose that Stericycle artificially inflated its revenues and growth by routinely raising the rates it charges to smaller customers, thus violating its contracts with those customers.

No Class has yet been certified in the above action. To discuss this action, or for any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Stericycle, you have until September 12, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz & Grossman, LLC

ReleaseID: 442386

NEW YORK, NY / ACCESSWIRE / July 21, 2016 / The following statement is being issued by Levi & Korsinsky, LLP:

To: All Persons or Entities who purchased Relypsa, Inc. (“Relypsa”) (NASDAQGS: RLYP) stock prior to July 21, 2016.

You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Relypsa to Galenica Group for $32.00 in cash per share. The transaction has a total approximate value of $1.53 billion. To learn more about the action and your rights, go to: http://zlk.9nl.com/relypsa-rlyp or contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.

Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, California, and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities lawsuits and have recovered hundreds of millions of dollars for aggrieved shareholders. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street – 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com

SOURCE: Levi & Korsinsky, LLP

ReleaseID: 442672

NEW YORK, NY / ACCESSWIRE / July 21, 2016 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed in the United States District Court District of Maryland on behalf of those who purchased shares of Emergent Biosolutions, Inc. (“Emergent” or the “Company”) (NYSE: EBS) during the period between January 11, 2016 and June 21, 2016, inclusive (the “Class Period”).

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

Emergent is a multinational specialty biopharmaceutical company that develops vaccines and antibody therapeutics for infectious diseases, oncology and autoimmune disorders, and provides medical devices for biodefense purposes. Emergent’s anthrax vaccine, BioThrax (Anthrax Vaccine Adsorbed) (“BioThrax”), is the only Anthrax vaccine licensed by the U.S. Food and Drug Administration (“FDA”). In September 2011, Emergent entered into a five-year procurement contract with the U.S. government for 44.75 million doses of BioThrax and by January 2016, Emergent reported it had sold out of its BioThrax and was expanding its BioThrax manufacturing facilities.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Emergent’s business and financial prospects. Particularly, Emergent had no reason to believe that a renewal of its contract with the U.S. government would involve the same amount of purchases of BioThrax, but Emergent claimed it believed to receive the profitable renewal of its five-year exclusive anthrax vaccine procurement contract. Emergent also emphasized the demand for BioThrax was growing, that the U.S. government would fund Emergent’s development of its BioThrax production facilities, and claimed with no reasonable basis that this development would allow Emergent to manufacture roughly 20 to 25 million additional doses of BioThrax annually, that the U.S. government would purchase over the following five-year period in order to build the U.S. Strategic National Stockpile (“SNS”) of anthrax vaccine to 75 million doses. Following the defendants’ materially false and misleading statements, Emergent stock traded at artificially inflated prices, reaching a Class Period high of $43.95 per share. This inflation enabled certain of the defendants to sell their personal shares of for proceeds of over $14.5 million.

Then on June 22, 2016, pre-market, Emergent revealed that the U.S. government had issued two official solicitation notices specifying that it would only be purchasing 29.4 million doses of the BioThrax vaccine, roughly one-third less than the 44.75 million doses in the first agreement and far under the 75 million doses that Emergent had led their investors to believe. Emergent also released that instead of more first-generation BioThrax anthrax vaccines, the U.S. government wanted newer and faster next-generation anthrax vaccines, and once one would be approved, bids would be placed to other companies and Emergent would lose its exclusivity. Following news, Emergent stock dropped roughly $8.00 per share to close at $31.33 on June 22, 2016.

No Class has yet been certified in the above action. To discuss this action, or for any questions, please visit the firm’s site: http://www.bgandg.com/#!ebs/jbu1a or contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Emergent, you have until September 19, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz

212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz & Grossman, LLC

ReleaseID: 442633

NEW YORK, NY / ACCESSWIRE / July 21, 2016 / Bronstein, Gewirtz & Grossman, LLC, reminds investors of class action against Oracle Corporation (“Oracle” or “the Company”) (NYSE: ORCL). The class action has been filed in the United States District Court, Northern District of California, on behalf of a class consisting of all persons or entities who purchased Oracle securities during the period between September 16, 2015 and June 1, 2016 inclusive (the “Class Period”).

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Oracle used improper accounting practices to inflate the Company’s cloud computing revenues by millions of dollars; (ii) in violation of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) and the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), Oracle had terminated a Senior Finance Manager for raising the Company’s improper accounting practices to the attention of her supervisors; and (iii) as a result of the foregoing, Oracle’s public statements were materially false and misleading at all relevant times.

On June 1, 2016, after the market closed, media outlets reported that a former Senior Finance Manager at Oracle, Svetlana Blackburn (“Blackburn”), had sued the Company for terminating her for complaining about improper accounting practices in Oracle’s cloud services business. In a complaint filed in U.S. District Court for the Northern District of California, Blackburn accused Oracle’s upper management of trying to push her to “fit square data into round holes” to make Oracle Cloud Services’ results look better. Blackburn’s lawsuit accused Oracle of violating the anti-retaliation provisions of the Sarbanes-Oxley Act and the Dodd-Frank Act and alleged that Blackburn was terminated on October 15, 2015, just one month after the alleged wrongdoing began, and two months after she received a positive performance review.

On this news, Oracle stock fell $1.60, or 3.97%, to close at $38.66 on June 2, 2016.

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action please visit the firm’s site: http://www.bgandg.com/#!orcl/ip9g0 or contact Peretz Bronstein, Esq. or his Investor Relations Coordinator, Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Oracle you have until August 1,
2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman
212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz & Grossman, LLC

ReleaseID: 442266

NEW YORK, NY / ACCESSWIRE / July 21, 2016 / Bronstein, Gewirtz & Grossman, LLC, reminds investors of class action against TransEntrix, Inc. (“TransEntrix” or “the Company”) (NYSE MKT: TRXC). The class action has been filed in the United States District Court, Eastern District of North Carolina, on behalf of a class consisting of all persons or entities who purchased TransEntrix securities during the period between February 10, 2016 and May 10, 2016 inclusive (the “Class Period”).

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements or failed to disclose adverse information regarding key aspects of the Company’s business. Specifically, the complaint alleges defendants failed to disclose deficiencies within the Company’s 510(k) submission regarding the SurgiBot that undermined the likelihood that the SurgiBot would receive FDA clearance, which would leave the Company unable to commercialize the SurgiBot in 2016 and would impair the Company’s ability to obtain approval for and commercialize its other robotic surgery platform in the United States. As a result of these false statements and/or omissions, TransEnterix common stock traded at artificially inflated prices during the Class Period.

On April 20, 2016 post-market, TransEnterix announced that the Food and Drug Administration (“FDA”) informed the Company on the previous day, April 19, 2016, that it has determined that “SurgiBot™ System does not meet the criteria for substantial equivalence based upon the data and information submitted by TransEnterix in its 510(k) submission.” Following this news, TransEnterix’s stock dropped as much as $2.99, or 63.08%, to just $1.75 in after-hours trading on April 20, 2016.

Then on May 20, 2016, the Company issued a press release stating that it “expect[ed] to have further discussion with the FDA, but currently believes that a new 510(k) submission would be required to obtain clearance,” that it was reprioritizing its near-term regulatory efforts to focus on another submission, and that, as a result, it “ha[d] taken actions to reduce headcount and investment related to the SurgiBot.”

Following this news, the price of TransEnterix fell 10% to close at $1.84 per share on May 11, 2016.

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator, Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Amaya you have until August 1,
2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman
212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz & Grossman, LLC

ReleaseID: 442270

NEW YORK, NY / ACCESSWIRE / July 21, 2016 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District Court, Southern District of New York on behalf of those who purchased shares of Endo International plc (“Endo” or the “Company”) (NASDAQ: ENDP) between March 2, 2015 and May 6, 2016 inclusive (the “Class Period”).

According to the Complaint, throughout the class period, Endo stated in filings with the U.S. Securities and Exchange Commission (“SEC”) that its net sales for its U.S. Branded Pharmaceuticals segment improved, due to increased proceeds from Frova, Endo’s migraine therapy. Endo’s filings with the SEC included signed certifications that the financial information was correct and revealed any material changes to Endo’s internal control over financial reporting. In Endo’s 2015 Earnings Release, it estimated total revenues between $4.32 billion and $4.52 billion for the year ended December 31, 2016. On March 17, 2016, Endo announced at a conference that its revenue guidance did not meet expectations for the first quarter of 2016, but restated the revenue guidance from the 2015 Earnings Release.

The complaint alleges that Endo officials failed to disclose that its contracts with pharmacy benefit managers (“PBMs”) for Frova included questionable inducements planned increase sales that Endo’s revenues relied on.

On May 5, 2016, Endo announced poor financial results, severely cutting its 2016 guidance, and revealed that the President of the company’s U.S. Branded Pharmaceuticals segment was resigning. Endo also announced that in March of 2016 its subsidiary, Endo Pharmaceuticals Inc., had received a request for documents from the U.S. Attorney’s Office for the Southern District of New York “regarding contracts with Pharmacy Benefit Managers regarding [the migraine treatment] Frova.” Following these news reports, Endo’s stock dropped $11.32 per share, or 42.57%, to close at $15.27 per share on May 9, 2016.

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint or join the action, please visit the firm’s site: http://www.bgandg.com/#!endo/v6ep3. To discuss this action, or for any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Endo you have until July 25, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz & Grossman, LLC

ReleaseID: 442277

NEW YORK, NY / ACCESSWIRE / July 21, 2016 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed on behalf of those who purchased shares of Unilife Corporation (“Unilife” or “the Company”) (Nasdaq GM: UNIS) between February 3, 2014 and May 23, 2016 inclusive (the “Class Period”).

According to the Complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Unilife’s former Chief Executive Officer and its former Chairman of the Board of Directors had violated Company policies and broken laws and regulations; (2) Unilife lacked sufficient accounting and financial reporting internal controls; (3) consequentially, Unilife would be unable to file its Quarterly Report on Form 10-Q for the period ended March 31, 2016 on time; and (4) subsequently, Unilife’s financial statements, as well as Defendants’ statements regarding Unilife’s business, operations, and prospects, were false and misleading at all relevant times.

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint or join the action, please visit the firm’s site: http://www.bgandg.com/#!unis/crqg5. To discuss this action, or for any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Unilife you have until
July 25, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz & Grossman, LLC

ReleaseID: 442279

NEW YORK / ACCESSWIRE / July 21, 2016 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against of Gerdau S.A. (“Gerdau” or the “Company”) (NYSE: GGB) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Gerdau securities as
American depositary receipts (“ADRs”) between June 2, 2011 and May 15, 2016, inclusive (the “Class Period”).

Gerdau produces and commercializes steel products worldwide. The Company operates through Brazil Business Operation, North America Business Operation, South America Business Operation, and Special Steel Business Operation segments.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was engaged in a bribery scheme in collusion with Brazil’s Board of Tax Appeals (“CARF”); (ii) Gerdau had defrauded Brazilian tax authorities of roughly $429 million in taxes; (iii) Gerdau’s Chief Executive Officer (“CEO”), Defendant André Bier Gerdau Johannpeter (“Johannpeter”) and other directors and employees of the Company had engaged in bribery, money laundering, and influence peddling; and (iv) as a result of the foregoing, Defendants’ statements about Gerdau’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On or about March 26, 2015, Brazilian authorities announced that a Federal Police investigation, dubbed Operation Zelotes, had uncovered a multibillion-dollar tax fraud scheme at the Ministry of Finance (“Finance Ministry”), reporting that as many as 70 companies had bribed members of the CARF, a body within the Finance Ministry that hears appeals on tax disputes, to obtain favorable rulings that recused or waived the amounts that the companies owed. On or around March 29, 2015, it was reported that Gerdau was among the companies under investigation.

On December 4, 2015, the Brazilian publication Jornal do Comércio reported that a report by a committee of the National Congress of Brazil had named Gerdau, along with other companies, as a beneficiary of a tax evasion scheme.

On this news, Gerdau’s ADR price fell $0.11, or 6.96%, to close at $1.47 on December 4, 2015.

On or around February 25, 2016, post-market, Brazilian police raided Gerdau offices in connection with Operation Zelotes, as police carried out some 20 court orders for testimony and 18 search warrants in Recife, Porto Alegre, Rio de Janeiro, Sao Pãulo, and Brasília. Gerdau’s CEO, Defendant Johannpeter, was among the individuals ordered to testify by day’s end. In an e-mailed statement, Gerdau stated that the Company had never authorized the use of its name in illegal negotiations and that the Company abided by rigorous ethical standards.

On this news, Gerdau’s ADR price fell $0.03, or 3.16%, to close at $0.92 on February 25, 2016.

On February 29, 2016, Gerdau announced that it would delay the release of its fourth-quarter financial results as the Company “analyze[d] the case records involving Gerdau in the recent phase of [the] Zelotes Operation.”

On May 16, 2016, various news outlets reported that Brazil’s federal police had accused Gerdau of evading $429 million in taxes and indicted a total of 19 Gerdau personnel, including Defendant Johannpeter and some of the Company’s executives, directors and lawyers, on corruption-related charges including bribery, money laundering, and influence peddling.

On this news, Gerdau’s ADR price fell $0.13, or over 7%, to close at $1.72 on May 16, 2016.

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint you may contact Peretz Bronstein, Esq. or his Investor Relations Coordinator, Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Gerdau you have until July 25, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:

Bronstein, Gewirtz & Grossman, LLC

Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz & Grossman, LLC

ReleaseID: 441234