SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Consolidated Amended Securities Class Action Complaint Agains...
March 30 2015 - 7:30AM
Lead Counsel Pomerantz LLP announces the filing of a consolidated
amended securities class action complaint ("CAC") against Petroleo
Brasileiro S.A. — Petrobras ("Petrobras" or the "Company")
(NYSE:PBR), its wholly-owned subsidiaries Petrobras International
Finance Company S.A. ("PifCo") and Petrobras Global Finance B.V.
("PGF"), certain individual defendants, as well as certain
underwriters and the Company's auditor,
PriceWaterhouseCoopers Auditores Independentes. The class
action is pending in the Southern District of New York.
The CAC alleges claims under the Securities Exchange Act of 1934
and Securities Act of 1933 on behalf of all persons or entities who
purchased or otherwise acquired the securities of Petrobras, as
well as debt securities issued by PifCo and PGF, on the New York
Stock Exchange ("NYSE") between January 22, 2010 and March
18, 2015, inclusive (the "Class Period"), or pursuant to other
domestic transactions (the "Class"). The CAC also alleges
violations of the Brazilian Corporate Law, the Brazilian Civil
Code, the Brazilian Securities Law, and the Brazilian Securities
Commission Regulations, on behalf of all persons or entities who
purchased or otherwise acquired Petrobras securities on the
Brazilian stock exchange during the Class Period that also
purchased shares on the NYSE.
The Consolidated Amended Complaint alleges that Petrobras and
its senior executives engaged in a multi-year, multi-billion dollar
money-laundering and bribery scheme, which was concealed from
investors. Significantly, Petrobras senior executives have
already acknowledged their participation in the scheme. In
testimony released by a Brazilian federal court, the executive in
charge of Petrobras' refining division confessed that Petrobras
accepted kickbacks "from companies to whom Petrobras awarded
inflated construction contracts" and "then used the money to bribe
politicians through intermediaries to guarantee they would vote in
line with the ruling party while enriching themselves." These
illegal acts caused the Company to overstate the value of its
assets on Petrobras' balance sheet. As of March 16, 2015, the
corruption probe at Petrobras has already led to 40 indictments on
racketeering, bribery and money laundering charges, and Brazilian
prosecutors have asked the Supreme Court to investigate 34 sitting
politicians, including the speakers of both houses of Congress, for
allegedly receiving bribe money.
Jeremy Lieberman, a partner at Pomerantz stated, "The
Consolidated Amended Complaint alleges an unprecedented bribery and
money laundering scheme that pervaded every corner of
Petrobras. It is inconceivable that the Company's senior
executives, Directors and auditor were unaware of the nature of the
misrepresentations made to unsuspecting investors. We intend
to prosecute this case to fullest extent possible to achieve a
substantial recovery for the Class."
The Pomerantz Firm, with offices in New York, Chicago, San Diego
and Florida, 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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