SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in Petroleo Brasileiro S.A. -- Pet...
January 27 2015 - 5:00AM
Pomerantz LLP announces that a class action lawsuit has been filed
against Petróleo Brasileiro S.A. – Petrobras ("Petrobras" or the
"Company") (NYSE:PBR). The class action, filed in United States
District Court, Southern District of New York, and docketed under
14-cv-9847, is on behalf of a class consisting of all persons or
entities who purchased Petrobras securities between May 20, 2010
and November 21, 2014, inclusive (the "Class Period"). This class
action seeks to recover damages against Defendants for alleged
violations of the federal securities laws under the Securities
Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Petrobras securities
during the Class Period, you have until February 6, 2015 to ask the
Court to appoint you as Lead Plaintiff for the class. A copy of the
Complaint can be obtained at www.pomerantzlaw.com. To discuss this
action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or
888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire
by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Petróleo Brasileiro S.A. - Petrobras operates as an integrated
oil and gas company in Brazil and internationally. Its Exploration
and Production segment is engaged in the exploration, development,
and production of crude oil, natural gas liquids, and natural gas;
sale and transfer of crude oil in domestic and foreign markets; and
sale of oil products produced at natural gas processing plants.
The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, defendants made false and/or misleading
statements and/or failed to disclose that: (1) the Company
overstated its property, plant, and equipment on its balance sheet
by overpricing contracts to certain companies relating to its
refineries and operations and accepting kickbacks from construction
companies approved for those contracts; (2) the Company was
receiving multi-billion dollar bribes, from third party contractors
to secure contracts from Petrobras; (3) the Company was in
violation of its own Code of Ethics as its employees and executives
were routinely accepting bribes from certain construction
companies; (4) the Company's internal controls over financial
reporting were ineffective and deficient; and (5) as a result of
the foregoing, Petrobras's public statements were materially false
and misleading at all relevant times.
Through a series of revelations including the arrests of members
of senior management and the admission by the Company that it may
have to adjust its historical financial statements to recognize the
overpricing of construction contracts, Petrobras stock fell $8.88
per share, or approximately 46%, to close at $10.50 per share on
November 24, 2014 from a price of $19.38 per share on September 5,
2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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