Regarding CEMEX!
I knew someone that used to work at Televisa, They told me they quit because they found out there was money laundering in the company and they also claimed there was a connection between Cemex and Televisa (currently diggingg for that) They gave me this article, written in Spanish- which has been translated to English so I could share here.
Here’s the article- (in Spanish) https://www.reforma.com/aplicacioneslibre/articulo/default.aspx?id=1355109&md5=dad875dec3cb1f71dac7a7ee537770ab&ta=0dfdbac11765226904c16cb9ad1b2efe
Translated text-
Article written for publication in Mexico, dated March 26,2018
“NY federal court calls for Cemex and Televisa”
“The lawsuits were filed with the Court for the Southern District of New York by the New York law firm Pomerantz LLP, representing holders of securities issued by both companies, who claim compensation for violations of the securities laws of the United States.
Because they are collective actions, all the persons who accredit being in the same situation as the original plaintiffs may join the case, but they will have to prove the link between the conduct of the companies and the losses they claim to have suffered.
The case against Televisa, which was left in the hands of Judge Katharine Parker, was initiated by the shareholder Melvin Gross on March 5, and also mentions Emilio Azcárraga Jean and Salvi Folch Viadero as defendants.
The action against Cemex, taken by Judge Robert W. Lehrbuger, was presented on March 16 by Christopher Schiro and also points out executives Fernando González Olivieri and José Antonio González Flores.
In the case of Televisa, the lawsuit alleges that television executives participated in illegal bribery schemes involving FIFA, and that it lacked effective internal controls over the preparation of its financial reports, according to the company itself on January 18. .
Cemex is also accused of the lack of internal controls to prepare financial reports and of hiding the presumed $20 million bribe paid by two executives in Colombia, which has led to investigations by the United States Department of Justice and the United States Securities Commission.
"As a result of the defendants' undue actions and omissions, and the precipitous drop in the market value of the company's securities, the plaintiff and other members of the class lawsuit have suffered significant damages and losses," both lawsuits say- the standard language in this type of litigation.
Other US law firms have also started dissemination work to add affected shareholders to possible similar lawsuits.
The success of these demands is not guaranteed, nor is it that they will have enough force to force Cemex or Televisa to seek an out-of-court settlement.
In February 2015, a pension fund of bureaucrats in Atlanta, Georgia, filed a class action against the airline Volaris in the same court.
In July 2016, Judge William Pauley dismissed the claim, concluding that the possible misstatements or false statements of Volaris in its financial reports, did not have a "demonstrable material impact" on the shares or their investors.”