The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Petróleo Brasileiro S.A. – Petrobras (“Petrobras” or “the Company”) (NYSE: PBR) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Reuters reported on December 5, 2018, that trading firms including Glencore have been accused by Brazilian prosecutors of paying more than $30 million in bribes to employees of Petrobras, a graft scheme that prosecutors believe may still be ongoing. In exchange for these bribes, Petrobras employees are alleged to have offered the traders better prices for oil and related commodities and services. According to Reuters, top executives of Petrobras had “total and unequivocal” knowledge of the scheme. Based on this news, shares of Petrobras lost more than 5% during morning trading on December 6, 2018.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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