Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Petroleo Brasileiro S.A. - Petrobras (PBR) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, notifies investors in Petroleo Brasileiro S.A. - Petrobras (“Petrobras” or the “Company”) (NYSE: PBR) of the February 6, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Petrobras.
A complaint has been filed in the Southern District of New York on behalf of all persons who purchased Petrobras American Depositary Shares (“ADSs”) from May 20, 2010 through November 21, 2014, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, Petrobras failed to disclose that the Company been involved in a multi-year, multi-billion dollar money-laundering and bribery scheme wherein Petrobras’ senior executives inflated the value of the Company’s construction contracts in order to receive kickbacks from companies that were illegally awarded the contracts.
After several revelations, including the arrests of several members of senior management and the admission by Petrobras that it may be necessary to adjust its historical financial statements to recognize the overpricing of construction contracts, the Company’s ADSs decreased from a closing price of $19.38 per ADS on September 5, 2014 to a closing price of $10.50 per ADS on November 24, 2014, a drop of nearly 46% per ADS.
If you invested in Petrobras ADSs, bonds or options from May 20, 2010 through November 21, 2014, and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Petrobras’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.