INVESTOR ALERT: Class Action Lawsuit Against Petróleo Brasileiro S.A. − Petrobras Announced by Law Offices of Howard G. Sm...
January 14 2015 - 10:32AM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed in the United States District Court for the
Southern District of New York on behalf of purchasers of the
American Depositary Shares of Petróleo Brasileiro S.A. − Petrobras
(“Petrobras” or the “Company”) (NYSE:PBR) between January 7, 2010
and November 26, 2014, inclusive (the “Class Period”). Petrobras
operates as an integrated oil and gas company engaged in the
exploration, development, production and sale of crude oil, natural
gas liquids and natural gas in Brazil and internationally.
The lawsuit alleges that defendants misrepresented or failed to
disclose that: (1) the Company was overpricing certain contracts
related to its refineries and operations, and accepting kickbacks
from some companies approved for those contracts; (2) as a result,
the Company was overcharging its property, plant and equipment
assets on its balance sheet; (3) the Company’s directors and
employees accepted bribes from third-party contractors to win
contracts with Petrobras; (4) the Company’s internal controls were
inadequate; and (5), as a result of the foregoing, the Company’s
statements were materially false and misleading and/or lacked a
reasonable basis.
If you are a member of the Class described above, you have until
February 6, 2015, to move the Court to serve as lead plaintiff, if
you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, please contact
Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070
Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone
at (215) 638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith, Esquire(215)
638-4847(888)
638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
Petroleo Brasileiro ADR (NYSE:PBR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Petroleo Brasileiro ADR (NYSE:PBR)
Historical Stock Chart
From Apr 2023 to Apr 2024