NEW YORK, Dec. 24, 2014 (GLOBE NEWSWIRE) -- Labaton Sucharow LLP filed a class action lawsuit on December 24, 2014 in the U.S. District Court for the Southern District of New York. The lawsuit was filed on behalf of all persons or entities who, between January 22, 2010 and November 21, 2014, inclusive (the "Class Period"), purchased or otherwise acquired the securities of Petróleo Brasileiro S.A. – Petrobras ("Petrobras" or the "Company") (NYSE:PBR) (NYSE:PBR-A), including debt securities issued by Petrobras International Finance Company S.A. ("PifCo"), and Petrobras Global Finance B.V. ("PGF"), on the New York Stock Exchange (the "NYSE") or pursuant to other domestic transactions (the "Class"), as well as all persons or entities who purchased the debt securities of PifCo or PGF pursuant and/or traceable to any of three registered public offerings on or about February 3, 2012, May 15, 2013, and March 11, 2014 (the "Offerings").
Petrobras is an integrated oil and gas company based in Brazil. The Company conducts operations globally in all stages of the petroleum production process, including exploration and marketing. Petrobras sponsors American Depositary Shares ("ADSs") representing the Company's common and preferred equity that are listed on the NYSE, trading under the ticker symbols "PBR" and "PBR/A," respectively. PGF is a finance-related subsidiary of Petrobras. PifCo was a finance-related subsidiary of Petrobras until its merger with PGF earlier this year.
The complaint charges Petrobras, PifCo, PGF, and certain of their officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder. The complaint alleges that certain Defendants made false and misleading statements and concealed material information relating to the Company's asset values, expenses, net income, and internal controls. Specifically, Defendants caused securities issued by Petrobras, PifCo, and PGF to trade at artificially inflated prices by improperly concealing the Company's involvement in and effects of a long-running bribery scheme through which billions of dollars were channeled to Company executives and other individuals, while the amounts paid were concealed in inflated asset values capitalized on the Company's balance sheet.
Additionally, the complaint alleges that Petrobras, PifCo, PGF, certain of their officers and directors, and certain of the underwriters of the Offerings violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. The complaint alleges that certain Defendants made false and misleading statements and failed to disclose material adverse information in offering documents filed with the U.S. Securities and Exchange Commission in connection with the issuance of $26.5 billion of PifCo and PGF notes in February 2012, May 2013, and March 2014.
The complaint alleges that the truth of Petrobras' involvement in the bribery scheme, the false and misleading nature of the Company's claims regarding its asset values, expenses, and net income, and the weaknesses in the Company's internal controls came to light through a series of disclosures. As the market reacted to these disclosures, the prices of securities issued by Petrobras, PifCo and PGF fell dramatically. For example, the Company's common and preferred stock ADS prices declined 80.92 and 78.01 percent respectively from their Class Period highs.
If you purchased or acquired the securities of Petrobras, PifCo, and/or PGF during the Class Period as defined above, you are a member of the Class and may be able to seek appointment as Lead Plaintiff. Lead Plaintiff motion papers must be filed with the U.S. District Court for the Southern District of New York no later than February 6, 2015. A lead plaintiff is a court-appointed representative for absent members of the Class. You do not need to seek appointment as lead plaintiff to share in any Class recovery in this action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member. You may retain counsel of your choice to represent you in this action.
If you would like to consider serving as lead plaintiff or have any questions about this lawsuit, you may contact Rachel A. Avan, Esq. of Labaton Sucharow LLP, at (800) 321-0476 or (212) 907-0709, or via email at firstname.lastname@example.org. If you are a member of the Class, you can view a copy of the complaint online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm.
The plaintiff is represented by Labaton Sucharow LLP, which represents many of the largest pension funds in the United States and internationally with collective assets under management of more than $2 trillion. With nearly 60 full-time attorneys, the Firm's litigation reputation is built on its in-house team of investigators, financial analysts, and forensic accountants. The Firm has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY and Wilmington, DE. More information about Labaton Sucharow is available at www.labaton.com
CONTACT: (800) 321-0476 or (212) 907-0709 email@example.comSource:Labaton Sucharow LLP