INVESTOR ALERT: Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit against Petróle...
January 22 2015 - 10:32AM
Business Wire
Law Offices of Howard G. Smith reminds investors that 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”), have
until February 6, 2015, to file a motion to be appointed as lead
plaintiff in the shareholder lawsuit filed in the United States
District Court for the Southern District of New York. Investors who
have losses of $5 million or more are encouraged to contact the
firm for more information.
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 may move
the Court no later than February 6, 2015, 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 suffered losses of $5 million or
more and 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,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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