Thegrantlawfirm investigates class action claims against petroleo brasileiro s.a. – petrobras and its auditor pricewaterhousecoopers auditores independentes and pricewaterhousecoopers international limited

New york--(business wire)--thegrantlawfirm, pllc announces that it has commenced an investigation into a potential fraud class action against petroleo brasileiro s.a. - petrobras (“petrobras” or the “company”) (nyse:pbr) which trades american depository receipts (“adrs”), on behalf of purchasers during the period between may 20, 2010 and november 21, 2014 (“class period”). this investigation further focuses on the actions of pricewaterhousecoopers auditores independentes (“pwc”) and pricewaterhousecoopers international limited (“pwc-il”) in connection with the dissemination of materially false and misleading statements by petrobras in violations of the securities exchange act of 1934 and the securities act of 1933 in relation to their audits of petrobras during the class period. during that time, pwc repeatedly issued clean audit opinions on pbr’s financial statements filed on form 20-f with the united states securities and exchange commission (“sec”), despite petrobras’s purported overstatement of the value of its property, plant, and equipment on its balance sheets. the overstatements were the result, of among other things, the company’s alleged engagement in a money-laundering bribery scheme and has involved it in an investigation which the company now claims may cost approximately $57 million this year and last up to two years. throughout the class period, pwc also reviewed pbr’s quarterly financial statements filed on form 6-k with the sec and consented to the use of its clean audit opinions in the company’s registration statements. as a consequence of this scheme, and pwc’s involvement, the company’s stock has traded at significantly inflated prices through the class period, before the revelations of the alleged fraud was disclosed. if you would like to discuss this investigation with us or believe that you may have been damaged by these acts, please contact jorge amador at 212-292-4449/jamador@grantfirm.com. jorge amador is a forensics accounting expert and class action attorney who is a native spanish speaker, with fluency in portuguese.
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