Cemex (CX) Accused of Engaging in Illegal Bribery Scheme

According to a recently filed class action complaint, Cemex (CX) executives engaged in an unlawful bribery scheme in connection with the company's business dealings in Colombia. On September 23, 2016, Cemex disclosed the company's dismissal of two senior executives after an internal probe found that payments worth $20 million relating to a land deal in Colombia had breached company protocols. On March 14, 2018, Cemex revealed that the U.S. Department of Justice was investigating the company concerning the company's payments related to a cement plant in Colombia to determine whether any violations of federal bribery laws occurred. Since news of Cemex's troubles became public, its ADR price has fallen over 10%, closing at $6.67 per share on March 20, 2018.

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