BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the American Depositary Shares of Petróleo Brasileiro S.A. − Petrobras (“Petrobras” or the “Company”) (NYSE:PBR) between January 7, 2010 and November 26, 2014, inclusive (the “Class Period”). 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 lawsuit 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 have until February 6, 2015, to move the Court to serve as lead plaintiff, if you 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 wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.