NEW YORK, May 09, 2015 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors of the imminent lead plaintiff deadline in the securities class action pending in the Southern District of New York against the Chemical & Mining Co. of Chile Inc. (“C&M Chile” or the “Company”) (NYSE:SQM). Investors who wish to become proactively involved in the litigation have until May 18, 2015 to seek appointment as lead plaintiff.
The action alleges that the Company and its executives violated federal securities laws by failing to disclose that (1) funds from C&M Chile were being channeled illicitly to electoral campaigns for the Independent Democratic Union, Chile’s largest conservative party; and (2) the Company lacked adequate internal controls over financial reporting.
On March 11, 2015, C&M Chile disclosed that its Board of Directors would meet to evaluate a request by Chile’s Public Prosecutor for delivery of information pertaining to the alleged Banco Penta tax evasion and bribery scandal. On March 16, 2015, the Company announced that it had submitted all information requested by the Public Prosecutor. Moreover, the Company also announced that the Board had agreed to terminate CEO Patricio Contesse effective immediately. Contesse had attempted to block the Company’s decision to turn over the documents.
As a result of these shocking developments, C&M Chile stock declined in value, from a closing price of $26.17 per share on February 25, 2015, to close at $22.10 per share on March 17, 2015, a decline of 15.55% on unusually heavy trading volume.
On March 18, 2015, C&M Chile issued a press release indicating that the three representatives on its Board from Canadian stakeholder Potash Corporation had resigned the prior day. On this news, C&M Chile stock declined an additional 15.6% to close at $18.65 on March 18, 2015.
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If you invested in C&M Chile stock or options before March 17, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/SQM. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding C&M Chile’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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Source:Faruqi & Faruqi LLP