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Petroleo Brasileiro S.A. - Petrobras : American Depositary Shares

Case Summary

Petroleo Brasileiro S.A. - Petrobras : American Depositary Shares Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 01/27/2016 (Ongoing date of last review)

Filing Date: December 08, 2014

According to the law firm press release, the lawsuit alleges 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 cPetroleo Brasileiro S.A. - Petrobras : Petroleo Brasileiro S.A. - Petrobras : American Depositary Sharesompany, 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.

Company & Securities Information

Defendant: Petroleo Brasileiro S.A. - Petrobras

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas - Integrated
Headquarters: Brazil

SECURITIES INFORMATION:

Ticker Symbol: PBR
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.

First Identified Complaint

Peter Kaltman, et al. v. Petroleo Brasileiro S.A. - Petrobras, et al.

COURT: S.D. New York
DOCKET #: 14-CV-09662
JUDGE: Hon. Jed S. Rakoff
DATE FILED: 12/08/2014
CLASS PERIOD START: 05/20/2010
CLASS PERIOD END: 11/21/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint Jury Trial Demanded 12/08/2014
2 Order 03/04/2015

Reference Complaint

IN RE: Petrobras Securities Litigation

COURT: S.D. New York
DOCKET #: 14-CV-09662
JUDGE: Hon. Jed S. Rakoff
DATE FILED: 11/30/2015
CLASS PERIOD START: 01/22/2010
CLASS PERIOD END: 07/27/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
  2. Motley Rice LLC (Hartford)
    One Corporate Center; 20 Church St.; 17th Floor, Motley Rice LLC (Hartford), CT
    860.882.1681 860.882.1681 · inquiry@motleyrice.com
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Consolidated Amended Complaint 03/31/2015
2 Consolidated Second Amended Class Action Complaint 07/16/2015
3 Consolidated Fourth Amended Class Action Complaint 11/30/2015
4 U.S. District Court Civil Docket 01/27/2016

Related District Court Filings

No Document Title Filing Date
1 Class Action Jury Trial Demanded 12/10/2014
 
 

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