Arab Today, arab today us classaction lawsuit adds to petrobras woes
Last Updated : GMT 04:27:18
Arab Today, arab today
Arab Today, arab today

US class-action lawsuit adds to Petrobras woes

Arab Today, arab today

Arab Today, arab today US class-action lawsuit adds to Petrobras woes

Petrobras
New York - AFP

A US class-action investors lawsuit filed against Brazil's state oil giant Petrobras accuses the company of failing to disclose "a culture of corruption" that has sent shares plunging.
The suit for violations of the Securities Exchange Act was filed Monday in a New York federal court by the law firm Wolf Popper LLP on behalf of Peter Kaltman and others.
It covers all investors who bought American Depositary Shares (ADS) of Petrobras, traded on the New York Stock Exchange, between May 20, 2010, through November 21 this year, the law firm said, estimating that thousands of people could be included.
The plaintiffs are seeking an unspecified amount of money for "all losses and damages" suffered as a result of the alleged violations and ensuing scandal that have hammered Petrobras shares, according to the complaint.
During the period covered by the suit, Petrobras ADS shares lost 40 percent of their value on Wall Street, with most of that occurring since the oil company's scandal emerged in early September, driving shares down 60 percent.
"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 law firm said.
"The company is alleged to have 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."
The Brazilian company operates in 17 other countries, including the United States where it produces oil and gas and has refining operations.
In late November Petrobras revealed that the US markets regulator, the Securities and Exchange Commission, had subpoenaed documents.
The company, currently embroiled in a politically momentous corruption scandal at home, did not divulge the issues related to the subpoena. The SEC would not confirm its investigation of the company.
Brazilian authorities are investigating claims by an arrested former Petrobras director that politicians, mostly allies of President Dilma Rousseff, who was re-elected in October, received billions of dollars in kickbacks financed by cash creamed from inflated contracts.
There is no suggestion Rousseff was involved in the money-making scheme and she has vowed to support the wide-ranging investigation.
Separately, since earlier this year, Petrobras conducted an internal investigation of its 2006 purchase of a refinery in Pasadena, Texas, decided when Rousseff was chairperson of Petrobras. Critics say the company paid far more for the refinery than it was worth.
The company paid $1.1 billion for the refinery one year after the then-owner Transcor Astra Group of Belgium paid $42.5 million for it.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us classaction lawsuit adds to petrobras woes Arab Today, arab today us classaction lawsuit adds to petrobras woes

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us classaction lawsuit adds to petrobras woes Arab Today, arab today us classaction lawsuit adds to petrobras woes

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Egypt tourism revival steady but slow

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Egypt's Sisi meets Israeli PM at UN

GMT 04:27 2017 Wednesday ,20 September

Egypt's Sisi meets Israeli PM at UN
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 14:33 2017 Monday ,18 September

Cholera Cases Could Hit 850,000

GMT 21:57 2017 Sunday ,17 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday