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SOURCE Cohen Milstein Sellers & Toll PLLC
WASHINGTON, Oct. 6, 2017 /PRNewswire/ -- The following statement is being issued by Cohen Milstein Sellers & Toll PLLC regarding the In Re Braskem, S.A., Securities Litigation.
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
IN RE BRASKEM, S.A., SECURITIES LITIGATION
Civil Action No. 15-CV-5132-PAE
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT
TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR ACQUIRED AMERICAN DEPOSITARY RECEIPTS ("ADR") OF BRASKEM, S.A. ("BRASKEM" OR THE "COMPANY") (TICKER SYMBOL: BAK) BETWEEN JULY 15, 2010 AND MARCH 11, 2015, INCLUSIVE (THE "CLASS PERIOD").
PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
YOU ARE HEREBY NOTIFIED that a proposed Settlement has been reached in this Action.1 A hearing will be held with respect to the Settlement on February 21, 2018 at 10 a.m. before the Honorable Paul A. Engelmayer in the United States District Court for the Southern District of New York, 40 Foley Square, Courtroom 706, New York, New York.
The purpose of the hearing is to determine, among other things, whether the proposed Settlement of the securities class action claims asserted in this Action, pursuant to which Braskem, S.A., on behalf of all Defendants, will cause to be deposited into a Settlement Fund the sum of $10 million in exchange for the dismissal of the Action with prejudice and a release of claims against the Defendants and other Released Parties, should be approved by the Court as fair, reasonable, adequate and in the best interests of the Settlement Class. If you purchased or otherwise acquired a legal or beneficial ownership interest in Braskem ADRs (ticker symbol: BAK) during the Class Period, you may be entitled to share in the distribution of the Settlement Fund if you submit a Proof of Claim Form no later than January 16, 2018, and if the information and documentation you provide in that Proof of Claim Form establishes that you are entitled to a recovery.
This Summary Notice provides only a summary of matters regarding the Action and the Settlement. A detailed notice (the "Notice") describing the Action, the proposed Settlement, and the rights of Settlement Class Members to appear in Court at the Final Approval Hearing, to request to be excluded from the Settlement Class, and/or to object to the Settlement, the Plan of Allocation and/or the request by Lead Counsel for an award of attorneys' fees and reimbursement of Litigation Expenses, has been mailed to persons or entities known to be potential Settlement Class Members. You may obtain a copy of that Notice, a Proof of Claim Form, or other information at www.BraskemSecuritiesSettlement.com, or by writing to the following address or calling the following telephone number.
Braskem, S.A. Securities Litigation
P.O. Box 10495
Dublin, Ohio 43017-4095
If you are a Settlement Class Member, you have the right to object to the Settlement, the Plan of Allocation and/or the request by Lead Counsel for an award of attorneys' fees and Litigation Expenses, or otherwise request to be heard, by submitting a written objection in accordance with the procedures described in the Notice. The objection must be filed no later than January 31, 2018 and served so that it is received no later than February 7, 2018. You also have the right to exclude yourself from the Class by submitting a written request for exclusion from the Class in accordance with the procedures described in the Notice. The request for exclusion must be received no later than January 22, 2018. If the Settlement is approved by the Court, you will be bound by the Settlement and the Court's Judgment, including the releases provided for in the Settlement and Judgment, unless you submit a request to be excluded.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. Inquiries, other than requests for the detailed Notice referenced above and a Proof of Claim Form, may be made to Lead Counsel for the Lead Plaintiff:
COHEN MILSTEIN SELLERS & TOLL PLLC
Steven J. Toll
1100 New York Ave N.W.
Suite 500, East Tower
Washington, D.C. 20005
Tel: (202) 408-4600
Dated: October 6, 2017
By Order of the Court, United States District Court for the Southern District of New York
1 This Summary Notice incorporates by reference the definitions in the Stipulation and Agreement of Settlement, dated September 14, 2017 (the "Settlement"), and all capitalized terms used, but not defined herein, shall have the same meanings as in the Settlement. A copy of the Settlement can be obtained at www.BraskemSecuritiesSettlement.com.
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