Embraer Wins Dismissal of Securities Class Action

On behalf of Embraer S.A., Skadden secured the dismissal with prejudice of a securities fraud class action suit stemming from the company’s violations of the Foreign Corrupt Practices Act (FCPA) ending in 2011. Despite the company’s timely and accurate disclosures of ongoing internal investigations and discussions with U.S. and Brazilian regulators, the plaintiff alleged that Embraer had misled investors from 2012 through 2016 with regard to the company’s pre-class period conduct. On April 2, Judge Richard Berman of the United States District Court for the Southern District of New York dismissed the claims, agreeing with Skadden that the supposed misstatements were not actionable.