Law
Offices of Howard G. Smith announces that a class action lawsuit has
been filed in the United States District Court for the Southern District
of New York on behalf of purchasers of the American Depositary Shares of
Petróleo Brasileiro S.A. − Petrobras (“Petrobras” or the “Company”)
(NYSE:PBR) between January 7, 2010 and November 26, 2014, inclusive (the
“Class Period”). Petrobras operates as an integrated oil and gas company
engaged in the exploration, development, production and sale of crude
oil, natural gas liquids and natural gas in Brazil and internationally.
The lawsuit alleges that defendants misrepresented or failed to disclose
that: (1) the Company was overpricing certain contracts related to its
refineries and operations, and accepting kickbacks from some companies
approved for those contracts; (2) as a result, the Company was
overcharging its property, plant and equipment assets on its balance
sheet; (3) the Company’s directors and employees accepted bribes from
third-party contractors to win contracts with Petrobras; (4) the
Company’s internal controls were inadequate; and (5), as a result of the
foregoing, the Company’s statements were materially false and misleading
and/or lacked a reasonable basis.
If you are a member of the Class described above, you have until
February 6, 2015, to move the Court to serve as lead plaintiff, if you
meet certain legal requirements. To be a member of the Class you need
not take any action at this time; you may retain counsel of your choice
or take no action and remain an absent member of the Class. If you wish
to learn more about this action, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite
112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll
Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
Copyright Business Wire 2015