Pomerantz LLP Announces Notice of Pendency of Class Action in Petrobras Securities Litigation
NEW YORK, June 13, 2016 /PRNewswire/ -- The following statement is being issued by Pomerantz LLP regarding In Re Petrobras Securities Litigation.
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
IN RE PETROBRAS SECURITIES LITIGATION
No. 14-CV-9662 (JSR)
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION
To: (1) All purchasers who, between January 22, 2010 and July 28, 2015 (the "Class Period"), inclusive, purchased or otherwise acquired the securities of Petróleo Brasileiro S.A. – Petrobras ("Petrobras"), including debt securities issued by Petrobras International Finance Company S.A. ("PifCo") and/or Petrobras Global Finance B.V. ("PGF") on the New York Stock Exchange ("NYSE") or pursuant to other domestic transactions (the "Exchange Act Class"); and
(2) All purchasers who purchased or otherwise acquired debt securities issued by Petrobras, PifCo, and/or PGF, in domestic 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 (the "Securities Act Class").
A class action lawsuit is now pending in the United States District Court for the Southern District of New York (the "Court") under the above caption (the "Action"). The suit is brought on behalf of investors for alleged violations of the federal securities laws by defendants for purportedly concealing a multi-year, multi-billion dollar bribery and kickback scheme. Defendants have denied the claims and maintain they are not liable for the injury alleged.
YOU ARE HEREBY NOTIFIED of the pendency of the Action as a class action. You may be a member of the Class whose rights might be affected by this Action.
YOUR RIGHTS AS A CLASS MEMBER: If you purchased or otherwise acquired the securities of Petrobras, including debt securities issued by PifCo and/or PGF, on the NYSE or pursuant to other transactions occurring in the United States during the Class Period, or purchased or otherwise acquired prior to August 11, 2014 debt securities issued by Petrobras, PifCo, and/or PGF, in transactions occurring in the United States, directly in, pursuant and/or traceable to a May 13, 2013 public offering registered in the United States and/or purchased or otherwise acquired prior to May 15, 2015 debt securities issued by Petrobras, PifCo, and/or PGF, in transactions occurring in the United States, directly in, pursuant and/or traceable to a March 10, 2014 public offering registered in the United States, you are a member of one or both of the Classes. If you choose to remain a member of one or both of the Classes, you do not need to do anything at this time. You will automatically be included in either or both Classes unless you request exclusion in accordance with the procedure set forth below. Your decision is important for the following reasons:
If you choose to remain in either or both Classes, you will be bound by all orders and judgments in this Action. Your interests are being represented at no cost to you by the representatives of the Classes and Class Counsel. Class Counsel will be awarded fees and costs only if it succeeds in obtaining a recovery from one or more defendants. You may remain a member of the Classes and elect to be represented by your own counsel at your own expense. If you retain separate counsel, you will be responsible for that counsel's fees and expenses and such counsel must enter an appearance on your behalf by filing a Notice of Appearance with the Court and mailing it to Class Counsel at the address below on or before July 29, 2016. If you exclude yourself from the Class and decide to pursue your own action individually, you may not be able to pursue certain claims due to the lapsing of the statute of limitations, including claims under Section 11 related to the May 13, 2013 offering.
If you seek to share in any Class recovery, you will be required to prove your membership in either or both Classes with evidence of (i) your purchases, acquisitions and sales of Petrobras securities (including debt securities issued by PifCo and/or PGF); (ii) that you purchased Petrobras securities in a domestic transaction and suffered resulting damages, and/or (iii) that you purchased such debt securities pursuant to or traceable to one of the registered offerings referenced above. In addition, defendants may seek to prove that you did not rely on the integrity of the market or that you had knowledge of defendants' alleged misrepresentations or omissions.
If you choose to be excluded from either or both Classes, you will not be bound by any judgment, nor will you be eligible to share in any recovery that might be obtained in this Action. If you exclude yourself, you may individually pursue any legal rights that you may have against the defendants. To exclude yourself from either or both Classes, you must mail a signed letter by mail stating that you "request exclusion" from either or both of the Classes in "In re Petrobras Securities Litigation, No. 14-CV-9662" postmarked no later than July 29, 2016, to: Petrobras Securities Litigation, Notice Administrator, c/o GCG, P.O. Box 10280, Dublin, OH 43017-5780. Full details on how to be excluded are available at www.PetrobrasSecuritiesLitigation.com.
WHERE YOU CAN FIND ADDITIONAL INFORMATION: This Notice is only a summary of the lawsuit. For more detailed information, including a complete list of defendants and CUSIPS of the debt securities and ADSs involved, you may contact Class Counsel, Pomerantz LLP, 600 Third Avenue, New York, New York 10016, (212) 661-1100, call the Notice Administrator at (855) 907-3218, or visit http://www.nysd.uscourts.gov/judge/Rakoff or www.PetrobrasSecuritiesLitigation.com. To get a copy of this notice in Spanish, Portuguese, French, Dutch, German, Japanese or Chinese, visit www.PetrobrasSecuritiesLitigation.com. PLEASE DO NOT CALL OR WRITE THE COURT OR THE OFFICE OF THE CLERK FOR INFORMATION OR ADVICE.
Dated: May 9, 2016
BY ORDER OF THE COURT
United States District Court
for the Southern District of New York
SOURCE Pomerantz LLP
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