NEW ORLEANS, Dec. 9, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until February 6, 2015 to file lead plaintiff applications in a securities class action lawsuit against Petroleo Brasileiro S.A. - Petrobras (NYSE:PBR) if they purchased Petrobas's American Depository Shares ("ADS") between May 20, 2010 and November 21, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Petrobas and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by February 6, 2015.
About the Lawsuit
Petrobas and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
These false statements and omissions included, in part, that high level managers were overpaying for refineries and partaking in what is now known to have been a multi-billion dollar money-laundering and bribery scheme that began in 2006 and that Petrobas overstated its property, plant and equipment line items on its balance sheet.
Beginning on September 5, 2014, reports surfaced that Petrobas had engaged in bribery related to its contracts, leading to the arrests of senior management and Petrobas's statement that it may have to adjust its historical financial statements to recognize the overpricing of construction contracts. On this news, the value of Petrobas's ADS's plummeted by 46%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.