||Graña y Montera S.A.A.
||United States District Court for the Eastern District of New York
||The Hon. Joan M. Azrack
||Between July 24, 2013 and February 24, 2017
||American Depository Shares (ADS)
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.
Plaintiffs allege 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. Including 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 American Depositary Shares (“ADS”) in an initial public offering, and trade at artificially inflated prices until the truth was revealed.
Current Status of Case:
On November 19, 2019, the parties participated in a mediation session. The parties agreed to settle this class action for $20,000,000. On August 18, 2020, the Court preliminarily approved the settlement and set a final hearing on the settlement to be held on December 1, 2020. This action is ongoing.
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