Wolf Popper LLP Reminds Investors of the February 6, 2015 Lead Plaintiff Deadline in the Class Action Lawsuit Against Petrole...
January 22 2015 - 9:07AM
Wolf Popper LLP reminds investors who purchased Petrobras
securities (common and preferred share ADSs and publicly traded
notes) on a United States exchange during the period January 7,
2010 through November 26, 2014 that you have until February 6, 2015
to file a motion to be appointed a lead plaintiff in the class
action lawsuit against Petróleo Brasileiro S.A. - Petrobras
(NYSE:PBR) (NYSE:PBR-A). This action, filed in the U.S. District
Court for the Southern District of New York (14-cv-9662), alleges
violations of Section 10(b) of the Securities Exchange Act of 1934.
Wolf Popper filed the initial Class Action complaint against
Petrobras in collaboration with Brazilian counsel (Almeida
Advogados).
The Complaint alleges that Petrobras misrepresented facts and
failed to disclose a culture of corruption that consisted of a
multi-billion dollar money-laundering and bribery scheme embedded
since 2006. Petrobras is alleged to have overstated its property,
plant and equipment line item on its balance sheet as overstated
amounts paid on contracts were carried as assets on the balance
sheet. These amounts were overstated because Petrobras inflated the
value of construction contracts.
Through a series of revelations including the arrests of members
of senior management and the admission 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 $9.72
per ADS on November 28, 2014. Petrobras ADSs have experienced a
further decline and closed on January 21, 2015 at $7.35 per ADS.
Wolf Popper, with offices in New York and Puerto Rico, has
successfully recovered billions of dollars for defrauded
investors. Wolf Popper's reputation and expertise have been
repeatedly recognized by the courts, which have appointed the firm
to major positions in securities litigation.
Attorney Advertising: Prior Results Do Not Guarantee A Similar
Outcome.
CONTACT: For more information, please contact:
Robert C. Finkel, Esq.
Ms. Sandra Vidal-Pellon (admitted in Spain only)
Tel.: 877.370.7703
Fax: 877.370.7704
Email: irrep@wolfpopper.com
website: www.wolfpopper.com
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