INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Aga...
January 21 2015 - 11:32AM
Business Wire
Glancy Binkow & Goldberg LLP reminds investors of Petróleo
Brasileiro S.A. − Petrobras (“Petrobras” or the “Company”)
(NYSE:PBR) that purchasers of Petrobras American Depositary Shares
between January 7, 2010 and November 26, 2014, inclusive (the
“Class Period”), have until February 6, 2015, to file a motion to
be appointed as lead plaintiff in the shareholder lawsuit filed in
the United States District Court for the Southern District of New
York. Investors who have losses of $3 million or more are
encouraged to contact the firm for more information.
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 Complaint 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 may move
the Court no later than February 6, 2015, to serve as lead
plaintiff; however, you must 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 suffered losses of $3 million
or more and wish to learn more about this action, or if you have
any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Lesley
Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century
Park East, Suite 2100, Los Angeles, California 90067, at (310)
201-9150, by e-mail to shareholders@glancylaw.com, or visit our
website at http://www.glancylaw.com. If you inquire by email,
please include your mailing address, telephone number and number of
shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CALesley
Portnoy310-201-9150888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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