Petroleo Brasileiro Petrobras SA (ADS) (NYSE: PBR) Investor Securities Class Action Lawsuit 12/08/2014

If you purchased American Depositary Shares of Petroleo Brasileiro Petrobras SA (ADS) (NYSE: PBR), you might have certain options and should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Petrobras
Case Name: 
Petrobras Shareholder Class Action Lawsuit 12/08/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: PBR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/08/2014
Class Period Begin: 
01/22/2010
Class Period End: 
07/28/2015
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
02/06/2015
Date Settled: 
02/28/2018
Settlement Amount: 
$3,000,000,000
Deadline to Participate in Settlement: 
06/09/2018
Summary: 

The settlement includes all persons who:
- during the time period between January 22, 2010 and July 28, 2015, purchased or otherwise acquired Petrobras Securities, including debt securities issued by PifCo and/or PGF, on the New York Stock Exchange or pursuant to other Covered Transactions; and/or
- purchased or otherwise acquired debt securities issued by Petrobras, PifCo, and/or PGF, in Covered Transactions, directly in, pursuant and/or traceable to a May 13, 2013 public offering registered in the United States and/or a March 10, 2014 public offering registered in the United States before Petrobras made generally available to its security holders an earnings statement covering a period of at least twelve months beginning after the effective date of the offerings (August 11, 2014 in the case of the May 13, 2013 public offering and May 15, 2015 in the case of the March 10, 2014 public offering).
For more information about Covered Transactions, please see the settlement notice.

The settlement amount of $3,000,000,000 consists of:
- US$2,950,000,000.00 from the Petrobras defendants
- US$50,000,000.00 from PwC Brazil.

June 25, 2018 - The court approved the settlement.

February 28, 2018 - The court preliminarily approved the settlements.

February 1, 2018 - Parties filed a stipulation of settlement and an amended stipulation of settlement.

December 21, 2015 - The court denied in part and granted in part defendants' motion to dismiss.

December 7, 2015 - Defendants filed a motion to dismiss.

November 30, 2015 - The lead plaintiff filed a fourth amended complaint.

October 17, 2015 - The court granted in part and denied in part defendants' motion to dismiss.

October 1, 2015 - Defendants filed a motion to dismiss.

September 1, 2015 - The lead plaintiff filed a third amended complaint.

August 21, 2015 - Defendants filed a motion to dismiss.

July 16, 2015 - The lead plaintiff filed a second amended complaint.

July 9, 2015 - The court granted in part and denied in part defendants' motion to dismiss.

April 17, 2015 - Defendants filed a motion to dismiss.

March 27, 2015 - The lead plaintiff filed an amended complaint.

March 24, 2015 - All cases were consolidated.

March 4, 2015 - The lead plaintiff and lead counsel were appointed.

February 6, 2015 - Lead plaintiff motions were filed.

December 10, 2014 - Another investor filed a complaint.

December 8, 2014 - An investor in American Depositary Shares of Petroleo Brasileiro Petrobras SA (ADS) (NYSE: PBR) filed a lawsuit 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.

Petroleo Brasileiro Petrobras SA reported that annual Total Revenue increased from over $120.45 billion in 2010 to over $141.46 billion in 2013 while its respective Net Income declined from over $20.05 billion to over $11.09 billion. Shares of Petroleo Brasileiro Petrobras SA (ADS) (NYSE: PBR) declined from $51.33 in November 2009 to as low as $7.34 per share on December 11, 2014.