SAN FRANCISCO, June 23, 2022 (GLOBE NEWSWIRE) — Hagens Berman urges damaged investors in Unilever PLC American Depository Receipts UL to submit your losses now.
Unilever PLC UL Securities Fraud Class Action:
The litigation focuses on Unilever’s statements concerning risks related to compliance with applicable laws and regulations, including legislation adopted by 35 states aimed at discouraging boycotts, divestment and sanctions of Israel (“Anti-BDS Legislation”).
The complaint alleges Defendants misled investors by failing to disclose that, in July 2020, its subsidiary’s (Ben & Jerry’s) board passed a resolution to end sales of ice cream in occupied Palestinian territory. The complaint also alleges Unilever’s description of its legal risks was materially false and misleading because, while acknowledging that compliance with all applicable laws and regulations was important, the company did not disclose Ben & Jerry’s resolution, which risked adverse governmental actions for Anti-BDS Legislation violations.
On July 19, 2021, Unilever and its hand-picked Ben & Jerry’s CEO (Mathew McCarthy) “operationalized” the July 2020 resolution to end sales of ice cream in occupied Palestinian territory while continuing to sell Ben & Jerry’s ice cream in Israel.
Then, on July 22, 2021, CNBC reported that Texas and Florida were examining Ben & Jerry’s actions in connection with the states’ Anti-BDS Legislation. According to CNBC, the Texas’ State Comptroller instructed his office to take action, and Florida’s CFO notified Ben & Jerry’s that Florida would “‘be prohibited from investing in Ben & Jerry’s or its parent company, Unilever.'”
In response to this news, the price of Unilever ADRs closed down $3.19 per ADR that day, approximately 5.4%, injuring investors.
“We’re focused on investors’ losses and proving Defendants misrepresented risks associated with Ben & Jerry’s boycott,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Unilever and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Unilever should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email UL@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895