Banco Bradesco SA (NYSE:BBD) is currently facing a class action lawsuit regarding federal law violations allegedly committed by the company from April 30, 2012 to May 31, 2016.
Those who purchased Banco Bradesco shares during the said period are strongly advised by numerous law firms including Brower Piven, Glancy Prongay & Murray LLP, Goldberg Law PC, Khang & Khang LLP, Levi & Korsinsky LLP, Lundin Law PC, and Rosen Law Firm to get in touch with them prior the deadline of the lead plaintiff motion on August 2.
Lawsuit
Accordingly, the company disclosed misleading statements and/or issued false statements regarding its involvement in bribery with the Brazilian Finance Ministry and its plans to evade Brazil’s Internal Revenue Service tax fine amounting to more than $800 million. Moreover, the class action lawsuit also accused that the executives, directors, and workers of Banco Bradesco are, in one way or another, involved in illegal practices such as money laundering, corruption, and bribery. Moreover, the company’s internal financial reports and disclosures are said to be ineffective.
HSBC Bank Brasil SA Acquisition
Earlier this month, the company has revealed that its acquisition of HSBC Bank Brasil’s 100% capital stock has been fulfilled in a deal amounting to a total of R$16 billion. The completion of the acquisition marks the biggest deal sealed by Banco Bradesco in its history.
Clients of HSBC Bank Brasil can continue to access its services at existing branches. As a result of the acquisition, they will also be able to access the products and services of Banco Bradesco immediately after the technological integration has been completed. This milestone gives Banco Bradesco the opportunity to reinstate its growth and presence in Brazil.
Interim Interest Payment
Last month, the company’s board of directors approved a proposal regarding the payment of more than R$1 billion interim interest on the equity of shareholders during the first half of the year. Banco Bradesco has settled the interim interest payments of R$0.15 per common share and $0.16 per preferred share on Monday.
The payment made has already been reduced of the 15% withholding income tax, except for those with corresponding exemptions.
