STEVENSON, Md., Dec. 9, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of New York on behalf of purchasers of Petróleo Brasileiro S.A. ("Petrobras" or the "Company") (NYSE:PBR) American Depositary Shares "(ADSs") purchased on a United States exchange during the period between May 20, 2010 and November 21, 2014, inclusive (the "Class Period"). Investors who wish to become proactively involved in the litigation have until February 6, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Petrobras ADSs purchased on or after May 20, 2010 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company ADSs during the Class Period. Brower Piven also encourages anyone with information regarding the Company's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose a culture of corruption at the Company that consisted of a multi-billion dollar money-laundering and bribery scheme embedded in the Company since 2006 and that the Company overstated its assets on its balance sheet by carrying as assets overstated amounts paid on the Company's construction contracts. According to the complaint, following a series of revelations during the Class Period including of the arrests of members of senior management and the admission by the Company that it may have to adjust its historical financial statements to recognize the overpricing of construction contracts, the value of Petrobras ADSs declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616
