SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

December 12, 2014 19:38 ET

INVESTOR ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in Petroleo Brasileiro S.A. - Petrobras (PBR) to Contact the Firm

NEW YORK, NY--(Marketwired - December 12, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, notifies investors in Petroleo Brasileiro S.A. - Petrobras ("Petrobras" or the "Company") (NYSE: PBR) of the February 6, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Petrobras. 

A complaint has been filed in the Southern District of New York on behalf of all persons who purchased Petrobras American Depositary Shares ("ADSs") from May 20, 2010 through November 21, 2014, inclusive (the "Class Period").

The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.

Specifically, the action alleges that during the Class Period, Petrobras failed to disclose that the Company has been involved in a multi-year, multi-billion dollar money-laundering and bribery scheme wherein Petrobras' senior executives inflated the value of the Company's construction contracts in order to receive kickbacks from companies that were illegally awarded the contracts.

After several revelations, including the arrests of several members of senior management and the admission by Petrobras that it may be necessary to adjust its historical financial statements to recognize the overpricing of construction contracts, the Company's ADSs decreased from a closing price of $19.38 per ADS on September 5, 2014 to a closing price of $10.50 per ADS on November 24, 2014, a drop of nearly 46% per ADS.

Request more information now by clicking here: www.faruqilaw.com/PBR. There is no cost or obligation to you.

Take Action

If you invested in Petrobras ADSs, bonds or options from May 20, 2010 through November 21, 2014, and would like to discuss your legal rights, visit www.faruqilaw.com/PBR. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Petrobras' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.

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Contact Information

  • FARUQI & FARUQI, LLP
    369 Lexington Avenue, 10th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
    rgonnello@faruqilaw.com
    Telephone: (877) 247-4292 or (212) 983-9330