December 8, 2008
Labaton Sucharow Filed Class Action Lawsuit Against Sadia S.A.
Labaton Sucharow LLP filed a class action lawsuit on December 1, 2008 in the United States District Court for the Southern District of New York, on behalf of all purchasers of the American Depository Receipts (“ADRs”) of Sadia S.A. (“Sadia” or the “Company”) (NYSE: SDA) (Sao Paolo: SDIA4) between May 1, 2008 through September 26, 2008, inclusive (the “Class Period”).
If you bought Sadia’s ADRs anytime between May 1, 2008 through and including September 26, 2008, and would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact Alan Ellman, Esq. at (800) 321-0476 or (212) 907-0700, or via e-mail at email@example.com. Lead Plaintiff motion papers must be filed with the United States District Court for the Southern District of New York no later than January 5, 2009. A lead plaintiff is a court-appointed representative for absent class members. You do not need to seek appointment as lead plaintiff to share in any class recovery in this action. If you are a class member and there is a recovery for the class, you can share in that recovery as an absent class member. You may retain counsel of your choice to represent you in this action.
If you are a member of this class you can view a copy of the complaint and participate in this class action online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm
During the Class Period, Sadia is alleged to have wrongfully represented that its exposure to currency futures contracts was much lower than it actually was and that its exposure to currency derivative contracts was “nominal.” However, these contracts violated Company policy because they exceeded internal hedging limits. On September 26, 2008, the Company announced that it would take a loss of approximately $410 million related to the Company’s investments in currency contracts hedging against the U.S. dollar. Sadia acknowledged that the currency contracts had violated its own internal policies. As a result of Defendants’ admissions, Sadia’s ADRs fell 38 percent.