Settlement of In re BRF S.A. Securities Litigation
Civil Action No. 1:18-cv-02213-PKC
The Court has approved a settlement of this action, which was previously pending in the United States District Court for the Southern District of New York. The settlement provides for the payment of $40 million for the benefit of eligible Class Members. Lead Plaintiff City of Birmingham Retirement and Relief System alleged Defendants violated §§10(b) and 20(a) of the Securities Exchange Act of 1934, by making materially false and misleading statements and/or failing to disclose material adverse information regarding the Company’s business and operations, which caused the price of the Company’s American Depository Receipts (“ADRs”) to trade at artificially inflated prices during the Class Period of April 4, 2013 through March 5, 2018.
The Class consists of all Persons who purchased or otherwise acquired BRF ADRs during the Class Period. Excluded from the Class are: (i) Defendants; (ii) members of the immediate families of each Individual Defendant; (iii) any entity in which any Defendant has a controlling interest; (iv) the officers and directors of BRF during the Class Period; and (v) the legal representatives, heirs, successors or assigns of any such excluded party.
The settlement was approved by the Court on October 23, 2020.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.