Economy

Eugene

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83. Petrobras hit with U.S. class action suit over $98 billion in securities

Fri Dec 26, 2014, 05:45 PM

Dec 2014

Source: Reuters

Petrobras hit with U.S. class action suit over $98 billion in securities

BY WALTER BRANDIMARTE
Fri Dec 26, 2014 2:41pm EST

(Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA and some of its executives were hit with a U.S. class action lawsuit by investors in $98 billion of the company's securities over an alleged kickback and bribery scheme.

News of the case helped knock Petrobras shares more than 4 percent lower. In mid-December, the stock hit its lowest in nearly 10 years as a widening corruption probe caused the company to delay the release of its third-quarter earnings.

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The latest case was filed on Dec. 24 in Manhattan's federal court by the Labaton Sucharow law firm on behalf of the city of Providence, Rhode Island, which invested in Petrobras.

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Allegations include that the company made material misstatements about the value of its assets in bond offering documents.

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