Securities Class Action Filed Against Chemical & Mining Co. of Chile Inc.
Violations of federal securities laws as a result of a series of materially false statements. The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) money from Chemical & Mining was channeled illicitly to electoral campaigns for the Independent Democratic Union, Chile’s largest conservative party; (2) the Company lacked adequate internal controls over financial reporting; and (3) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times. According to the Complaint, the Company issued a press release on March 18, 2015 indicating the resignation of its Chief Financial Officer and two directors. It is alleged that, as a result of this news, shares of Chemical & Mining fell an additional $3.45 per share, or by more than 15.6%, on extremely heavy volume, to close at $18.65 per share on March 18, 2015. Filed in S.D.N.Y.
Lead Plaintiff Deadline: The deadline to file for lead plaintiff in this action is 5/18/2015.
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