The case of the day is In re BRF S.A. Securities Litigation (S.D.N.Y. 2019). The lead plaintiff is the Birmingham Retirement and Relief System. It brought an action against BRF, a poultry exporter in Brazil, whose American depository receipts traded on the NYSE. The claim was that BRF and its executives bribed regulators and officials in Brazil, which led to an investigation and criminal charges there. Birmingham brought securities fraud claims, alleging that BRF had made materially misleading statements and omissions. It also sued BRF’s former officers and directors.