NEW YORK, Dec. 29, 2014 (GLOBE NEWSWIRE) -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of Petróleo Brasileiro S.A. - Petrobras. ("Petrobras" or the "Company") (NYSE:PBR), during the period between May 20, 2010 and November 21, 2014, inclusive (the "Class Period").
The complaint alleges that throughout the class period Petrobras issued materially false and misleading financial information to investors. Specifically, the complaint 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.
On this news, shares of Petrobras fell $8.88 or approximately 46% to $10.50 per share on November 24, 2014
Plaintiff seeks to recover damages on behalf of all shareholders who purchased shares of Petrobras during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Petrobras you have until February 6, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
