| Company: | Sadia S.A. |
| Ticker Symbol: | SDA |
| Class Period: | May-1-08 to Sep-26-08 |
| Date Filed: | Nov-5-08 |
| Lead Plaintiff Deadline: | Jan-4-09 |
| Court: | Southern District of New York |
| Allegations: | |
The complaint seeks damages for violations of federal securities laws on behalf of all investors who purchased Sadia S.A. American Depository Receipts (ADRs) and/or common stock between May 1, 2008 through September 26, 2008, inclusive (the "Class Period"). Sadia is a producer and marketer of food products and exports their products throughout the world.
During the Class Period, Sadia entered into undisclosed currency derivative contracts to purportedly hedge against the Company's U.S. dollar exposure. The Company characterized the amounts of these contracts as "nominal." However, these contracts violated Company policy in that they were far larger than necessary to hedge normal business operations and resulted in a loss of $365 million. As a result of Defendants' admission of violating Company policy regarding currency hedging, the American Depository Receipts of Sadia S.A. closed at $9.50 per share, down from the previous day's close of $15.27, a decline of 38%.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
