WILMINGTON, Del., Dec. 22, 2014 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Petroleo Brasileiro S.A. - Petrobras (NYSE: PBR)?
- Did you purchase your shares between May 20, 2010 and November 21, 2014, inclusive?
- Did you lose money in your investment in Petroleo Brasileiro S.A. - Petrobras?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased American Depositary Shares ("ADSs") of Petroleo Brasileiro S.A. - Petrobras ("Petrobras") (NYSE: PBR) between May 20, 2010 and November 21, 2014, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased shares of Petrobras during the Class Period, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://www.rigrodskylong.com/investigations/petroleo-brasileiro-s-a-petrobras-pbr.
Petrobras is an integrated oil and gas company that is the largest corporation in Brazil and one of the largest companies in Latin America in terms of revenues. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the Company overstated its property, plant, and equipment on its balance sheet by overpricing contracts to certain companies relating to its refineries and operations and accepting kickbacks from construction companies approved for those contracts; (2) the Company was receiving multi-billion dollar bribes, from third party contractors to secure contracts from Petrobras; (3) the Company was in violation of its own Code of Ethics as its employees and executives were routinely accepting bribes from certain construction companies; (4) the Company's internal controls over financial reporting were ineffective and deficient; and (5) as a result of the foregoing, Petrobras's public statements were materially false and misleading at all relevant times. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, through a series of revelations including the arrests of two top Petrobras executives and admission that the Company may have to adjust its historical financial statements to recognize the difference in overpricing its construction contracts, the closing price of Petrobras's ADSs have declined from $19.38 per ADS on September 5, 2014 to $10.50 per ADS on November 24, 2014, representing a decline of almost 46%.
If you wish to serve as lead plaintiff, you must move the Court no later than February 6, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
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SOURCE Rigrodsky & Long, P.A.