Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Airbus SE ("Airbus" or the "Company") (OTCMKTS: EADSY; EADSF) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Airbus securities in the U.S. between February 24, 2016, and July 30, 2020, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/eadsy.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements that: (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.
On August 8, 2016, Reuters reported that the U.K. had opened a corruption probe into Airbus. Specifically, the SFO announced that it had "opened a criminal investigation into allegations of fraud, bribery, and corruption in the civil aviation business of Airbus," which "relate to irregularities concerning third party consultants." The investigation followed Airbus's flagging of "misstatements and omissions" involving outside contractors in certain export financing applications to U.K. regulators and the European Export Credit Agencies earlier in the year, which the Company had found through an internal probe. On this news, Airbus ADRs fell $0.21 per share, or 1.49%, to close at $13.86 per share on August 8, 2016, and Airbus foreign ordinaries fell $0.82 per share, or 1.45%, to close at $55.58 per share on August 8, 2016.
France and the U.S. later opened their investigations into the subject of the SFO's allegations in 2017 and 2018, respectively. On January 31, 2020, media outlets reported that Airbus had agreed to a deal with U.S., U.K., and French prosecutors to settle bribery and export-control violations against the Company for €3.6 billion ($4 billion). Pursuant to the settlement, Airbus also agreed to appoint an external compliance officer for at least two years to monitor the Company's handling of its defense-related sales and disclosures. On this news, Airbus ADRs fell $0.72 per share, or 1.93%, to close at $36.68 per share on January 31, 2020, and Airbus foreign ordinaries fell $2.21 per share, or 1.48%, to close at $147.00 per share on January 31, 2020.
Then, on March 15, 2020, the Wall Street Journal reported that Airbus executives had previously raised red flags about fees paid to a number of middlemen working with its helicopter division, led at the time by the Company's current Chief Executive Officer ("CEO"), Defendant Guillaume M.J.D. Faury ("Faury"), that may have violated global bribery and corruption rules, according to internal documents related to Airbus's $4 billion bribery settlement, which were not previously made public and/or reported. On this news, Airbus ADRs fell $3.44 per share, or 15.71%, to close at $18.46 per share on March 16, 2020, and Airbus foreign ordinaries fell $7.97 per share, or 9.3%, to close at $77.75 per share on March 16, 2020.
Finally, on July 30, 2020, the Wall Street Journal reported that the SFO had charged GPT and three individuals with corruption in connection with a defense contract the U.K. had arranged with Saudi Arabia. These charges were the culmination of the investigations initiated by the SFO back in August 2012. On this news, Airbus ADRs fell $0.67 per share, or 3.56%, to close at $18.13 per share on July 31, 2020, and Airbus foreign ordinaries fell $2.85 per share, or 3.8%, to close at $72.10 per share on July 31, 2020.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/eadsy or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Airbus you have until October 5, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
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