A lawsuit was filed on behalf of investors in Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) shares over alleged securities laws violations. Deadline: February 6, 2015. NYSE:PBR investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/15/2014 -- An investor, who purchased shares of Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Petroleo Brasileiro Petrobras SA in connection with certain allegedly false and misleading statements made between May 20, 2010 and November 21, 2014.
Investors who purchased a significant amount of shares of Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) between May 20, 2010 and November 21, 2014, have certain options and for certain investors are short and strict deadlines running. Deadline: February 6, 2015. NYSE:PBR investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) common shares between May 20, 2010 and November 21, 2014, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that Petroleo Brasileiro Petrobras SA issued allegedly materially false and misleading statements by misrepresenting facts and failing to disclose a culture of corruption at Petroleo Brasileiro Petrobras SA that consisted of a multi-billion dollar money-laundering and bribery scheme embedded in Petroleo Brasileiro Petrobras SA since 2006. The plaintiff also alleges thatP etroleo Brasileiro Petrobras SA overstated its property, plant and equipment line item on its balance sheet because overstated amounts paid on contracts were carried as assets on the balance sheet and that these amounts were overstated because Petroleo Brasileiro Petrobras SAinflated the value of its construction contracts.
Petroleo Brasileiro Petrobras SA reported that annual Total Revenue increased from over $120.45 billion in 2010 to over $141.46 billion in 2013 while its respective Net Income declined from over $20.05 billion to over $11.09 billion. Shares of Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) declined from $51.33 in November 2009 to as low as $7.34 per share on December 11, 2014.
Those who purchased shares of Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com