Braskem S.A. (NYSE: BAK)

This investigation is for anyone who acquired securities in Braskem S.A. (NYSE: BAK) prior to December 8, 2023.

The Law Offices of Howard G. Smith believes that the Company and certain of its executives violated federal law. Specifically, the Law Offices of Howard G. Smith believes that the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by telling investors the Company was operating its rock-salt mine in the Municipality of Maceió responsibly but then by having to pay the city for damages that the Company created.

On November 30, 2023, Braskem disclosed that it was required to pay $203 million to repair damages at a rock-salt mine that it owns in Maceió. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on December 8, 2023, after the market closed, Braskem confirmed that it had “entered into an agreement with the Municipality of Maceió (“Global Agreement”) for the payment of [$347.14 million], which establishes the indemnity, compensation and full reimbursement from the Municipality of Maceió in relation to any and all pecuniary and non-patrimonial damages incurred by it.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Braskem S.A. (NYSE: BAK) prior to December 8, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.