Bradesco Downgrades Braskem (NYSE: BAK) Amid Legal Scrutiny and Financial Challenges

• Analyst firm Bradesco has downgraded Braskem to Underperform, citing significant operational and financial hurdles for the Brazilian petrochemical company.
• A new investigation by Pomerantz LLP into potential securities fraud adds a layer of legal and reputational risk for Braskem and its investors.
• The company is grappling with widening financial losses, a review of its capital structure, and controlling shareholders seeking to divest their stake.

Analyst firm Bradesco has downgraded its rating for the Brazilian petrochemical company Braskem (NYSE: BAK). On April 21, 2026, the rating changed to Underperform from Outperform, with the stock price at $3.64. Braskem is a major player in the chemical and plastic industry, producing thermoplastic resins and other petrochemical products.

The downgrade follows a period of significant challenges, including a new investigation by the law firm Pomerantz LLP. The firm is looking into claims of potential securities fraud or other illegal business activities involving Braskem. This legal scrutiny adds a layer of risk for the company and its investors.

This investigation was prompted by earlier events. On September 26, 2025, Braskem's stock price fell sharply by 14.71%, or $0.45, to close at $2.61. The drop occurred after the company announced it hired advisors to review its capital structure, which is the mix of debt and equity it uses to finance its operations.

Further contributing to concerns, Braskem reported widening financial losses for its fourth-quarter and full-year 2025 results. Additionally, as highlighted by Reuters, controlling shareholders Novonor and NSP Investimentos have signed an agreement to sell their controlling stake in the company to a private equity fund.