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Morgan & Morgan announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Petroleo Brasileiro S.A. – Petrobras (“Petrobras” or the “Company”)PBR, +0.32% between May 20, 2010 and November 21, 2014, inclusive (the “Class Period”).

The class action alleges that the Company and certain of its officers and/or directors violated Section 10(b) of the Securities Exchange Act of 1934.

If you purchased or acquired Petrobras American Depositary Shares (ADSs) on a United States exchange during the Class Period, you may, no later than February 6, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

If you want more information about the Petroleo Brasileiro S.A. – Petrobras Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or

The complaint alleges that Petrobras issued materially false and misleading statements by misrepresenting facts and failing to disclose a culture of corruption at the Company that consisted of a multi-billion dollar money-laundering and bribery scheme embedded in the Company since 2006. The Company is alleged to have overstated its property, plant and equipment line item on its balance sheet.

Source; here