NEW YORK, Aug. 24, 2020 (GLOBE NEWSWIRE) -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action that has been filed on behalf of investors that purchased or acquired the securities of Airbus SE (“Airbus” or the “Company”) (OTC: EADSY, EADSF) in the United States between February 24, 2016 and July 30, 2020 (the “Class Period”). The lawsuit filed in the United States District Court for the District of New Jersey alleges violations of the Securities Exchange Act of 1934.
If you purchased Airbus securities in the United States, and/or would like to discuss your legal rights and options please visit Airbus Shareholder Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (i) that Airbus’s policies and protocols were insufficient to ensure the Company’s compliance with relevant anti-corruption laws and regulations; (ii) 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; (iii) that, as a result, Airbus’s earnings were derived in part from unlawful conduct and therefore unsustainable; (iv) the full scope and severity of Airbus’s misconduct; (v) 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 (vi) that, as a result, the Company’s public statements were materially false and misleading at all relevant times.
On August 8, 2016, Reuters reported that the U.K. had opened a corruption probe into Airbus. Specifically, the SFO announced that it had “opened a criminal investigation into allegations of fraud, bribery and corruption in the civil aviation business of Airbus,” which “relate to irregularities concerning third party consultants.” The investigation followed Airbus’s flagging of “misstatements and omissions” involving outside contractors in certain export financing applications to U.K. regulators and the European Export Credit Agencies earlier in the year, which the Company had found through an internal probe.
On this news, Airbus ADRs fell $0.21 per share, or 1.49%, to close at $13.86 per share on August 8, 2016, and Airbus foreign ordinaries fell $0.82 per share, or 1.45%, to close at $55.58 per share on August 8, 2016.
France and the U.S. later opened their own investigations into the subject of the SFO’s allegations in 2017 and 2018, respectively. On January 31, 2020, media outlets reported that Airbus had agreed to a deal with U.S., U.K., and French prosecutors to settle bribery and export-control violations against the Company for €3.6 billion ($4 billion). Pursuant to the settlement, Airbus also agreed to appoint an external compliance officer for at least two years to monitor the Company’s handling of its defense-related sales and disclosures.
On this news, Airbus ADRs fell $0.72 per share, or 1.93%, to close at $36.68 per share on January 31, 2020, and Airbus foreign ordinaries fell $2.21 per share, or 1.48%, to close at $147.00 per share on January 31, 2020.
Then, on March 15, 2020, the Wall Street Journal reported that Airbus executives had previously raised red flags about fees paid to a number of middlemen working with its helicopter division, led at the time by the Company’s current Chief Executive Officer (“CEO”), Defendant Guillaume M.J.D. Faury that may have violated global bribery and corruption rules, according to internal documents related to Airbus’s $4 billion bribery settlement, which were not previously made public and/or reported.
On this news, Airbus ADRs fell $3.44 per share, or 15.71%, to close at $18.46 per share on March 16, 2020, and Airbus foreign ordinaries fell $7.97 per share, or 9.3%, to close at $77.75 per share on March 16, 2020.
Finally, on July 30, 2020, the Wall Street Journal reported that the SFO had charged GPT and three individuals with corruption in connection with a defense contract the U.K. had arranged with Saudi Arabia. These charges were the culmination of the investigations initiated by the SFO back in August 2012.
On this news, Airbus ADRs fell $0.67 per share, or 3.56%, to close at $18.13 per share on July 31, 2020, and Airbus foreign ordinaries fell $2.85 per share, or 3.8%, to close at $72.10 per share on July 31, 2020.
If you wish to serve as lead plaintiff, you must move the Court no later than October 5, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Airbus securities in the United States, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/airbusse-eadsy-eadsf-shareholder-class-action-lawsuit-stock-fraud-289/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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