| Company: | Petróleo Brasileiro S.A. |
| Ticker Symbol: | NYSE:PBR |
| Class Period: | May-20-10 to Nov-21-14 |
| Date Filed: | Dec-5-14 |
| Lead Plaintiff Deadline: | Feb-3-15 |
| Court: | Southern District of New York |
| Allegations: | |
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 because overstated amounts paid on contracts were carried as assets on the balance sheet. These amounts were overstated because Petrobras inflated the value of the Company's construction contracts.
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%.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
