NEW YORK, Dec. 15, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Petroleo Brasileiro S.A. – Petrobras ("Petrobras" or the "Company") (NYSE:PBR) between May 20, 2010 and November 21, 2014, inclusive (the "Class Period").
The class action alleges that the Company and certain of its officers and/or directors violated Section 10(b) of the Securities Exchange Act of 1934.
If you purchased or acquired Petrobras American Depositary Shares (ADSs) on a United States exchange during the Class Period, you may, no later than February 6, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the Petroleo Brasileiro S.A. - Petrobras Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com.
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.
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%.
About Morgan & Morgan
Morgan & Morgan is one of the nation's largest 200 law firms. In addition to securities fraud, the firm also practices in the areas of antitrust, personal injury, consumer protection, overtime, and product liability. All of the Firm's legal endeavors are rooted in its core mission: provide investor and consumer protection and always fight "for the people."
Attorney advertising. Prior results do not guarantee a similar outcome.