On February 28, 2024, Reuters published an article entitled “New York sues meatpacking giant JBS over climate claims.” The article stated, in pertinent part, that “JBS, the world’s largest beef producer, was sued on Wednesday by New York state’s attorney general, which accused it of misleading the public about its impact on the environment in order to boost sales. Attorney General Letitia James said JBS USA Food Co, the Brazilian company’s American-based unit, has “no viable plan” to reach net zero greenhouse gas emissions by 2040, making its stated commitment to achieving that goal false and misleading.”

On this news, JBS’ American Depositary Receipts (“ADRs”) fell $0.22 per ADR, or 2.4%, to close at $9.02 per ADR on February 28, 2024.