The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Airbus SE (EADSY, EADSF)
The Law Offices of Frank R. Cruz reminds investors of the upcoming upcoming October 5, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Airbus SE (“Airbus” or the “Company”) (OTC: EADSY, EADSF) securities between February 24, 2016, and July 30, 2020, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On March 15, 2020, The Wall Street Journal reported that, according to internal documents related to the Company’s $4 billion bribery settlement, Airbus executives had previously raised red flags about fees paid to a number of middlemen working with its helicopter division, which was led at the time by the now-Chief Executive Officer, that may have violated global bribery and corruption rules.
On this news, Airbus ADRs fell $3.44 per share, or nearly 16%, to close at $18.46 per share on March 16, 2020, and Airbus foreign ordinaries fell $7.97 per share, or about 9%, to close at $77.75 per share on March 16, 2020.
Then, on July 30, 2020, The Wall Street Journal reported that the U.K. Serious Fraud Office had charged an Airbus subsidiary and three individuals with corruption in connection with a defense contract the U.K. had arranged with Saudi Arabia.
On this news, Airbus ADRs fell $0.67 per share, or about 3%, to close at $18.13 per share on July 31, 2020, and Airbus foreign ordinaries fell $2.85 per share, or about 4%, to close at $72.10 per share on July 31, 2020.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Airbus’s policies and protocols were insufficient to ensure the Company’s compliance with relevant anti-corruption laws and regulations; (2) that, consequently, Airbus engaged in bribery, corruption, and fraud in order to enhance its business with respect to its commercial aircraft, helicopter, and defense deals; (3) that, as a result, Airbus’s earnings were derived in part from unlawful conduct and therefore unsustainable; (4) the full scope and severity of Airbus’s misconduct; (5) that resolution of government investigations of Airbus would foreseeably cost Airbus billions of dollars in settlements and legal fees and subject the Company to significant continuing government investigation and oversight; and (6) that, as a result, the Company’s public statements were materially false and misleading at all relevant times. Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased or otherwise acquired Airbus securities during the Class Period, you may move the Court no later than October 5, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
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