Morgan & Morgan Announces That a Class Action Lawsuit Has Been Filed Against Petroleo Brasileiro S.A. - Petrobras -- PBR
December 15 2014 - 2:29PM
Morgan & Morgan announces that a class action lawsuit has been
commenced in the United States District Court for the Southern
District of New York on behalf of purchasers of Petroleo Brasileiro
S.A. – Petrobras ("Petrobras" or the "Company") (NYSE:PBR) between
May 20, 2010 and November 21, 2014, inclusive (the "Class Period").
The class action alleges that the Company and certain of its
officers and/or directors violated Section 10(b) of the Securities
Exchange Act of 1934.
If you purchased or acquired Petrobras American Depositary
Shares (ADSs) on a United States exchange during the Class Period,
you may, no later than February 6, 2015, request
that the Court appoint you lead plaintiff of the proposed class. A
lead plaintiff is a representative party that acts on behalf of
other class members in directing the litigation. Any member of the
purported class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member.
If you want more information about the Petroleo Brasileiro S.A.
- Petrobras Securities Class Action, contact Morgan & Morgan at
1(800) 732-5200 or email info@morgansecuritieslaw.com.
The complaint alleges that Petrobras issued materially false and
misleading statements by misrepresenting facts and failing to
disclose a culture of corruption at the Company that consisted of a
multi-billion dollar money-laundering and bribery scheme embedded
in the Company since 2006. The Company is alleged to have
overstated its property, plant and equipment line item on its
balance sheet.
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 ADSs have declined
from a close of $19.38 per ADS on September 5, 2014 to a closing
price of $10.50 per ADS on November 24, 2014, representing a
decline of $8.88 per ADS or 46%.
About Morgan & Morgan
Morgan & Morgan is one of the nation's largest 200 law
firms. In addition to securities fraud, the firm also practices in
the areas of antitrust, personal injury, consumer protection,
overtime, and product liability. All of the Firm's legal endeavors
are rooted in its core mission: provide investor and consumer
protection and always fight "for the people."
Attorney advertising. Prior results do not guarantee a similar
outcome.
CONTACT: Morgan & Morgan
Peter Safirstein, Esq.
28 West 44th Street
Suite 2001
New York, NY 10036
1-800-732-5200
info@morgansecuritieslaw.com
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