Case Background:
On February 27, 2017, the initial complaint in this securities class action was filed against Graña y Montero S.A.A. (“Graña y Montero”), and certain of Graña y Montero’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action on behalf of all persons who purchased or otherwise acquired Graña y Montero American Depository Shares (“ADSs”) between July 24, 2013 and February 24, 2017, both dates inclusive (the “Class Period”).
Plaintiffs alleged that during the Class Period, Defendants made materially false and misleading statements and/or failed to disclose adverse information regarding Graña y Montero’s business and the source of its revenues. Specifically, Plaintiffs allege that Defendants failed to disclose that between 2005 and 2014, Graña y Montero generated millions of dollars in revenues from various construction and real estate contracts which had been procured through the payment of bribes, by a company with which one of Graña y Montero’s subsidiaries was part of a consortium. Plaintiffs allege that as a result of these false and misleading statements or omissions, Graña y Montero was able to sell $475 million worth of ADSs in an initial public offering, and trade at artificially inflated prices until the disclosure of adverse facts.
Current Status of Case:
On November 19, 2019, the parties participated in a mediation session. The parties agreed to settle this action for $20,000,000. On August 13, 2021, the Court approved the settlement of this action. This action has concluded.
The deadline to file a claim is January 13, 2021. If you have any questions or need further information about this settlement, you may go to the following website, http://www.granasecuritiessettlement.com/, or you can contact the claims administrator, Gilardi & Co. at 1-866-771-1373.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com.