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Case Status:    SETTLED
On or around 04/23/2019 (Other)

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.

On January 3, 2018, Petrobras issued a press release which was picked up by various media outlets. According to the release, the company has signed an agreement in principle to settle this lawsuit for the amount of $ 2.95 billion. The Court issued an Order granting preliminary approval for the Settlement on March 1. On June 25, the Court issued Orders approving attorneys' fees and expenses and granting final approval for the Settlement. On July 2, the Court granted final approval of the Settlement and entered Final Judgment. On July 31, an Objector filed a Notice of Appeal of the Final Judgment. On September 21, the Court issued an Order imposing sanctions on the attorney of the Objector. On October 12, the Objector withdrew his appeal. On November 2, the Objector filed a Notice appealing the sanctions imposed by the Order of September 21. The appeal was dismissed effective November 15 upon Appellant's failure to file a brief.


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


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.
COURT: S.D. New York
DOCKET #: 14-CV-09662
JUDGE: Hon. Jed S. Rakoff
DATE FILED: 12/08/2014
CLASS PERIOD END: 11/21/2014
  1. Wolf Popper, LLP
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 14-CV-09662
JUDGE: Hon. Jed S. Rakoff
DATE FILED: 11/30/2015
CLASS PERIOD END: 07/27/2015
  1. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 ·
  2. Motley Rice LLC (Hartford)
    One Corporate Center; 20 Church St.; 17th Floor, Motley Rice LLC (Hartford), CT
    860.882.1681 860.882.1681 ·
  3. Pomerantz LLP (New York)
    600 Third Avenue, 20th Floor, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 ·
No Document Title Filing Date
No Document Title Filing Date