Providence Files Class Action Suit Against Petrobras
On December 24th, the city of Providence, Rhode Island filed a class action lawsuit against Petrobras – Brazil’s state-run oil company. The suit alleges that Petrobras falsely reported bribe-related expenses to inflate the value of the company’s net income while also raising over $98 billion on the sale of securities and depository shares based on misleading and falsified accounting records. This claim marks the third securities fraud lawsuit filed against Petrobras in the past 30 days.
Petrobras is currently being investigated by the SEC and Brazil’s prosecutor general is urging company officials to resign. In January, a MPF team will head to Brazil to coordinate investigations with the U.S. Securities and Exchange Commission and the U.S. Justice Department. Amid these investigations, the company has seen its stock fall to its lowest price in a decade and been forced to delay the release of its third-quarter earnings report.
Do You Have a Case?
Victims of misrepresented stocks and bonds have a right to seek justice through swift and aggressive legal action. If you believe you have suffered damages due to securities fraud, the attorneys at Colling Gilbert Wright are here to help. With decades of combined experience, we are prepared to assess your claim, help you understand your options, and fight to get you the justice you deserve.
If you are in need of a securities fraud attorney, please contact Colling Gilbert Wright today to schedule a free and informative case evaluation.