NEW YORK, Dec. 9, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm announces that a class action lawsuit has been filed on behalf of purchasers of Petróleo Brasileiro S.A. - Petrobras securities (NYSE:PBR) during the period from May 20, 2010 through November 21, 2014. The class action seeks to recover investors' losses under the federal securities laws.
To join the Petrobras class action, go to the website http://www.rosenlegal.com/cases-460.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, Petrobras issued materially false and misleading financial information to investors. Specifically, the suit alleges that Petrobras failed to disclose a high level of corruption at the company, including a multi-billion dollar money-laundering bribery scheme. In addition, Petrobras is alleged to have overstated its property, plant, and equipment line item on its balance sheet resulting from overstated amounts paid on contracts that were carried as assets on the balance sheet.
Following several arrests of senior level Petrobras management, and disclosure that Petrobras may potentially have to adjust its historical financial statements to recognize the overpricing of construction contracts, Petrobras' share price fell $8.88 per share or approximately 46% to $10.50 per share on November 24, 2014, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 6, 2015. If you wish to join the class action and recover your losses please go to http://www.rosenlegal.com/cases-460.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar outcome.
CONTACT: Laurence Rosen, Esq.
Phillip Kim, Esq.
Kevin Chan, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
kchan@rosenlegal.com
www.rosenlegal.com
