LOS ANGELES, Sept. 25, 2020 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Airbus SE ("Airbus" or the "Company") (OTC: EADSY, EADSF) ADRs between February 24, 2016, and July 30, 2020, inclusive (the "Class Period"). Airbus investors have until October 5, 2020 to file a lead plaintiff motion.
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.
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If you purchased Airbus securities during the Class Period, you may move the Court no later than October 5, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you purchased Airbus securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, 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@example.com, 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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SOURCE The Law Offices of Frank R. Cruz, Los Angeles