Short Sellers Alert : Chemical & Mining Co. of Chile (NYSE: SQM)
A class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Chemical & Mining Co. of Chile Inc. (“SQM” or the “Company”) (NYSE: SQM) securities during the period between March 4, 2014 and March 17, 2015, inclusive (the “Class Period”).
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that money from SQM was channeled illicitly to electoral campaigns for the Independent Democratic Union (“UDI”), Chile’s largest conservative party.
According to the complaint: (1) following the announcement by Chile’s Attorney General on February 24, 2015 that he would lead the investigation into the escalating bribery and tax evasion scandal involving the financial firm Banco Penta (“Penta” or the “Penta Group”), a corruption scandal which has embroiled numerous politicians across the Chile’s political spectrum; (2) following the Company’s February 26, 2015 disclosure publicly linking the Company to the ongoing UDI contribution scandal ultimately culminating in the termination of the Chief Executive Officer and resignation of three SQM Board members; (3) following the Company’s March 11, 2015 disclosure that its Board of Directors would meet the next day to evaluate the request by the Public Prosecutor for delivery of certain information pertaining to the alleged bribery scandal; (4) following the Company’s March 16, 2015 announcement that it had turned over all of the information requested by the Public Prosecutor in a March 6, 2015 Letter to the Chilean Internal Revenue Service; and (5) following the Company’s March 18, 2015 press release indicating that the three representatives on its Board from Canadian stakeholder Potash Corporation, SQM Vice Chairman Wayne Brownlee, who also serves as the Chief Financial Officer of Potash Corporation, and directors Jose Maria Eyzaguirre and Alejandro Montero, had resigned the prior day, the value of SQM shares declined significantly.Sociedad Quimica y Minera de Chile, (ADR)(NYSE:SQM) stock traded at 52 weeks low level. It decreased -15.61% to the closing price of $18.65.
The stock showed weekly upbeat performance of -20.16%, which was maintained for the month at -28.30%. Likewise, the negative performance for the quarter was recorded as -14.84% and for the year was -36.06%, while the YTD performance remained at -21.90%.
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