Our law firm is filing potential claims on behalf of shareholders of Petrobras (NYSE: PBR) over possible violations of US securities laws.
Did you purchase Petrobras (NYSE: PBR) stock between January 22, 2010 and July 28, 2015? If so, you may be entitled to compensation,
Call 1-800-934-2921 or complete the form on this page for a free consultation.
Brazil’s state run petroleum company, Petrobras (NYSE: PBR), settled a class action lawsuit brought against it in the United States, paying $2.95 billion to the plaintiffs in the case. It is the largest such settlement ever paid by a foreign organization in the US.
Petroleo Brasileiro SA — while agreeing to the settlement — denied any culpability. Despite the amount of the settlement, it was still smaller than what many expected, and it helps the company move on from a bribery scandal that has involved not only scores of company executives but also a pair of former presidents of the large South American country.
Because of the settlement, it is believed that the company — which has more debt than any petroleum company like it in the world — would not issue a dividend for the previous year. The company has not issued a dividend from 2014 onward, which is when news of the scandal first broke.
JPMorgan, in a report issued to its clients, said that the settlement ended a period of excessive uncertainty about the company’s potential liability in the case. They further said that they had expected that the company would have to pay more than $5 billion to settle the case. BTG Pactual, which is a bank in Brazil, also expected a higher payout, of upwards of $10 billion.
In response to the settlement, shares of Petroleo Brasileiro — also known as Petrobras — rose nearly 1% in Brazil, to close at 16.70 reais. In the United States, shares of the company rose as well, 2.52%, to close at $10.97.
Who is included in the Petrobras Shareholder Lawsuit settlement?
- Anyone who during the time Period between January 22, 2010 and July 28, 2015, inclusive, 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
- Anyone who 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.
Settlement of Petrobras (NYSE: PBR) Shareholder Lawsuit
Petrobras (NYSE: PBR) investors may be able to collect significant financial compensation for their losses. The recent settlement with the company has set aside tens of millions of dollars for compensating shareholders.
Own shares of Petrobras (NYSE: PBR) ? Petrobras (NYSE: PBR) Shareholder Lawsuit Settlement. Contact us to protect your rights.
If you have purchased shares of Petrobras (NYSE: PBR), complete the form on this page or call 1-800-934-2921 right now to protect your rights.