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Case ID: 5229 | Stocks | 12/03/2008
According to a press release dated November 26, 2008, Aracruz is a major Brazilian manufacturer of forest products, which they market to manufacturers of consumer paper products around the world.
During the Class Period, Aracruz entered into undisclosed currency derivative contracts to purportedly hedge against the Company's U.S. dollar exposure. The Company characterized the use of these contracts as protection against foreign interest rate volatility and assured investors that this type of trading did not represent "a risk from an economic and financial standpoint." However, these contracts violated Company policy in that they were far larger than necessary to hedge normal business operations. As a result of Aracruz's clandestine and speculative currency wagers, credit rating agencies downgraded Aracruz, the Company's CFO resigned, and Aracruz's stock suffered a severe decline, plummeting to the lowest levels in 14 years. On October 3, 2008, the price of the ADR's traded on the New York Stock Exchange closed at $23.40, down $7.84 per share, a decline of 25%. The Company's common stock suffered similar drastic declines on the Sao Paulo Bovespa.
Register your Aracruz Celulose Sa ComplaintIf you or someone you know has been affected by this case, you may qualify for a money settlement as the result of your financial/economic or other damages that may be awarded either prior to a lawsuit or after the initiation of a lawsuit either currently in progress or filed just for you, possibly a class action lawsuit. Please simply register your complaint by clicking here for Aracruz Celulose Sa, or click the red "submit" button on this page, and a lawyer will review your Aracruz Celulose Sa complaint. By submitting your complaint, you are asking lawyers to contact you. You are under no obligation to accept their services and you are free to choose which lawyer you want to work with. Lawyers are usually paid out of the proceeds of the settlement or verdict rendered - the lawyers work on "contingency" by fronting the costs of your lawsuit based on their belief that they will recover a settlement for you. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Investors in Trade Partners, Inc. Hold Macatawa Bank Corporation Accountable for Loss of Their Funds Viatical investments are a little-known corner of the modern investment world, and a bit on the strange side, as well. A nationwide class action has been filed against Michigan-based Macatawa Bank Corporation on behalf of persons who invested in the now-defunct viatical settlement company Trade Partners, Inc., alleging that the bank (1) acted as a fiduciary and escrow agent for the settlement company, and (2) breached its contracts with investors by failing to pay premiums on time, refusing to communicate with investors, and failing to alert investors of the impending collapse of Trade Partners.
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