Energy News / Shareholders Foundation, Inc.

Deadline Upcoming in $3 Billion Settlement in the Petroleo Brasileiro Petrobras SA (ADS) (NYSE:PBR) Investor Lawsuit

Via: ReleaseWire

Updated 12:15 PM CDT, Thu, May 24,2018

A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Petroleo Brasileiro Petrobras SA (ADS) (NYSE: PBR) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on June 9, 2018 and NYSE: PBR investors should contact the Shareholders Foundation.

San Diego, CA -- (SBWIRE) -- 05/24/2018 -- A deadline is coming up on June 9, 2018 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Petroleo Brasileiro Petrobras SA (ADS) (NYSE: PBR) between January 22, 2010 and July 28, 2015.

Investors who purchased a significant amount of shares of Petroleo Brasileiro Petrobras SA (ADS) (NYSE: PBR) between January 22, 2010 and July 28, 2015, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the Petroleo Brasileiro Petrobras SA (ADS) (NYSE: PBR) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/petroleo-brasileiro-petrobras-sa-ads-nyse-pbr-investor-securities-class-action-lawsuit-12082014

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is June 9, 2018. The class action administrator for this case is Garden City Group.

The lawsuit was originally filed in the U.S. District Court for the Southern District of New York against Petroleo Brasileiro Petrobras SA over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 20, 2010 and November 21, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Petroleo Brasileiro Petrobras SA (ADS) (NYSE: PBR) common shares between May 20, 2010 and November 21, 2014, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Petroleo Brasileiro Petrobras SA issued allegedly materially false and misleading statements by misrepresenting facts and failing to disclose a culture of corruption at Petroleo Brasileiro Petrobras SA that consisted of a multi-billion dollar money-laundering and bribery scheme embedded in Petroleo Brasileiro Petrobras SA since 2006. The plaintiff also alleges thatP etroleo Brasileiro Petrobras SA overstated its property, plant and equipment line item on its balance sheet because overstated amounts paid on contracts were carried as assets on the balance sheet and that these amounts were overstated because Petroleo Brasileiro Petrobras SAinflated the value of its construction contracts.

Those who purchased shares of Petroleo Brasileiro Petrobras SA (ADS) (NYSE: PBR) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/deadline-upcoming-in-3-billion-settlement-in-the-petroleo-brasileiro-petrobras-sa-ads-nysepbr-investor-lawsuit-983279.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com