Wolf Haldenstein Adler Freeman & Herz LLP Announces Proposed Securities Class Action Settlement on Behalf of Purchasers of Braskem S.A. American Depositary Receipts - BAK

NEWARK, N.J., Jan. 30, 2023 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that the United States District Court for the District of New Jersey has approved the following announcement of a proposed securities class action settlement that would benefit purchasers of Braskem S.A. American Depositary Receipts (NYSE: BAK):

SUMMARY NOTICE

TO:     ALL PERSONS AND ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED BRASKEM S.A. ("BRASKEM") AMERICAN DEPOSITARY RECEIPTS (ADRs) DURING THE PERIOD FROM MARCH 21, 2019 AND JULY 8, 2020, BOTH DATES INCLUSIVE (THE "CLASS PERIOD").

PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOUR RIGHTS MAY BE AFFECTED BY PROCEEDINGS IN THIS ACTION.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of New Jersey, that a hearing will be held on May 3, 2023, at 1:30 p.m., before the Honorable Edward S. Kiel at the United States District Court for the District of New Jersey, Frank Lautenberg Post Office & U.S. Courthouse, 2 Federal Square – Room 347, Newark, NJ 07102 in Courtroom 8, for the following purposes: (a) to determine whether the proposed Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable, and adequate to the Class, and should be finally approved by the Court; (b) to determine whether, for purposes of the proposed Settlement only, the Action should be certified as a class action on behalf of the Class, Lead Plaintiff should be certified as class representative for the Class, and Co-lead Counsel should be appointed as class counsel for the Class; (c) to determine whether a Judgment substantially in the form attached as Exhibit B to the Stipulation should be entered dismissing the Action with prejudice against Defendants; (d) to determine whether the proposed Plan of Allocation for the proceeds of the Settlement is fair and reasonable and should be approved; (e) to determine whether the motion by Co-lead Counsel for an award of attorneys' fees and reimbursement of Litigation Expenses should be approved; and (f) to consider any other matters that may properly be brought before the Court in connection with the Settlement.

If you purchased or acquired Braskem ADRs between March 21, 2019 and July 8, 2020, both dates inclusive, your rights may be affected by the Settlement of this Action.  If you have not received a Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses ("Notice"), you may obtain copies by contacting the Claims Administrator at: Braskem S.A. Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Suite 205, P.O. Box 230, Media, PA 19063; Toll-Free: (866) 274-4004; Fax: (610) 565-7985; [email protected].  You may also obtain copies via the Claims Administrator's website, www.strategicclaims.net/Braskem.

If you are a member of the Class and wish to share in the Settlement money, you must submit a Proof of Claim and Release Form ("Proof of Claim") to the Claims Administrator no later than April 19, 2023 establishing that you are entitled to recovery.  As further described in the Notice, you will be bound by any judgment entered in the Action, regardless of whether you submit a Proof of Claim, unless you exclude yourself from the Class, in accordance with the procedures set forth in the Notice, by no later than April 3, 2023.  Any objections to the Settlement, Plan of Allocation, or attorney's fees and expenses must be filed and served, in accordance with the procedures set forth in the Notice, no later than April 19, 2023.

Inquiries, other than requests for the Notice, may be made to Co-lead Counsel: Matthew M. Guiney, Wolf Haldenstein Adler Freeman & Herz LLP, 270 Madison Avenue, New York, New York 10016, [email protected].

INQUIRIES SHOULD NOT BE DIRECTED TO THE COURT,
THE CLERK'S OFFICE, THE DEFENDANTS, OR DEFENDANTS' COUNSEL.

DATED:  JANUARY 18, 2023                                   

BY ORDER OF THE COURT
United States District Court
for the District of New Jersey

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP