Saxena White P.A. has been appointed Lead Counsel on behalf of shareholders of Aracruz Celulose S.A. (“Aracruz” or the “Company”) (NYSE: ARA and Bovespa: ARCZ6 BZ) in the United States District Court for the Southern District of Florida.

The complaint seeks damages for violations of federal securities laws on behalf of all investors who purchased Aracruz Celulose S.A.  American Depository Receipts (ADR’s) and/or common stock between April 7, 2008 through October 2, 2008, inclusive (the “Class Period”).  Aracruz is a major Brazilian manufacturer of forest products, which they market to manufacturers of consumer paper products around the world.

During the Class Period, Aracruz entered into undisclosed currency derivative contracts to purportedly hedge against the Company’s U.S. dollar exposure.  The Company characterized the use of these contracts as protection against foreign interest rate volatility and assured investors that this type of trading did not represent “a risk from an economic and financial standpoint.”  However, these contracts violated Company policy in that they were far larger than necessary to hedge normal business operations. As a result of Aracruz’s clandestine and speculative currency wagers, credit rating agencies downgraded Aracruz, the Company’s CFO resigned, and Aracruz’s stock suffered a severe decline, plummeting to the lowest levels in 14 years.  On October 3, 2008, the price of the ADR’s traded on the New York Stock Exchange closed at $23.40, down $7.84 per share, a decline of 25%.  The Company’s common stock suffered similar drastic declines on the Sao Paulo Bovespa.

You may obtain a copy of the complaint from the Court, by contacting Saxena White P.A. through its website www.saxenawhite.com, by emailing jwhite@saxenawhite.com or gstone@saxenawhite.com, or by calling (561) 394-3399.

Saxena White P.A.
2424 North Federal Highway, Suite 257
Boca Raton, FL 33431
Tel: (561) 394-3399
Fax: (561) 394-3382
www.saxenawhite.com

Saxena White P.A, which has offices in Boca Raton and Boston, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals.  Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.