NEW YORK, Jan. 22, 2015 (GLOBE NEWSWIRE) -- Wolf Popper LLP reminds investors who purchased Petrobras securities (common and preferred share ADSs and publicly traded notes) on a United States exchange during the period January 7, 2010 through November 26, 2014 that you have until February 6, 2015 to file a motion to be appointed a lead plaintiff in the class action lawsuit against Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) (NYSE:PBR-A). This action, filed in the U.S. District Court for the Southern District of New York (14-cv-9662), alleges violations of Section 10(b) of the Securities Exchange Act of 1934. Wolf Popper filed the initial Class Action complaint against Petrobras in collaboration with Brazilian counsel (Almeida Advogados).
The Complaint alleges that Petrobras misrepresented facts and failed to disclose a culture of corruption that consisted of a multi-billion dollar money-laundering and bribery scheme embedded since 2006. Petrobras is alleged to have overstated its property, plant and equipment line item on its balance sheet as overstated amounts paid on contracts were carried as assets on the balance sheet. These amounts were overstated because Petrobras inflated the value of construction contracts.
Through a series of revelations including the arrests of members of senior management and the admission that it may have to adjust its historical financial statements to recognize the overpricing of construction contracts, Petrobras ADSs have declined from a close of $19.38 per ADS on September 5, 2014 to a closing price of $9.72 per ADS on November 28, 2014. Petrobras ADSs have experienced a further decline and closed on January 21, 2015 at $7.35 per ADS.
Wolf Popper, with offices in New York and Puerto Rico, has successfully recovered billions of dollars for defrauded investors. Wolf Popper's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation.
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