A detailed report published by Battea Global Research, Inc. highlights potential for multi-billion dollar claims against Petróleo Brasileiro SA (Petrobras PETR3, PETR4) by international and Brazilian shareholders after strong court ruling last week
COPENHAGEN, Denmark–(BUSINESS WIRE)–$PETR #PETR3–Battea Global Research, Inc. has published a comprehensive report assessing how a recent court ruling has significantly increased Petróleo Brasileiro S.A.’s (Petrobras) potential exposure to multi-billion dollar claims from international and Brazilian shareholders and investors.
On May 26, 2021, the District Court in Rotterdam in the Netherlands issued an order resolving contested procedural issues in favor of Petrobras shareholders and investors in the long-running collective action. The matter now moves forward toward adjudication on the merits of the case.
The report explains
- The significance of the litigation moving forward in the Netherlands after having moved past preliminary battles over jurisdiction and standing.
- How the Dutch litigation, in all likelihood, will now squarely focus on the allegations of bribery, fraud, wrongdoing, and damages which Petrobras faced in the United States, where it entered into a Deferred Prosecution Agreement (“DPA”) with the U.S. Department of Justice. In the DPA, Petrobras admitted to several violations of the Foreign Corrupt Practices Act (FCPA) and also admitted to violating shareholder disclosure regulations under the Sarbanes Oxley Act. Petrobras previously agreed to a US $853.2 million criminal penalty in the United States, as well as a US $3 billion civil settlement with US American Depository Receipt (“ADR”) investors.
- The correlation between the damages asserted in the US ADR and Bond litigation resulting in the US $3 billion settlement and the potentially even larger damages of international and Brazilian shareholders and investors that are alleged in the Dutch action.
Publication: Court Hands Down Strong Ruling in Favor of International and Brazilian Petrobras Shareholders and Bondholders, suffering Petrobras Stock Price (PETR3 PETR4) and Certain Bond Price Losses from the Lava Jato Scandal: Click here to access the report
About Battea Global Litigation Research, Inc.
Battea Global Litigation Research, Inc., provides specialized Securities and Antitrust Litigation and Settlement Research for investor Class and Collective Actions taking place in the United States and Internationally.
The Company’s analysts and experts have distilled content, collected and performed statistical outcome analysis across several thousand litigation cases, settlements and settlement implementations. The Company is actively tracking all current litigations and settlements.
Combining academic and seasoned practitioners’ expertise in financial market operations, market structure, trading, economics, and finance with significant insight and research into litigations and settlements, Battea Global Litigation Research Inc., is one of the world’s most proficient analysts within its field.
The content of this report is for general informational purposes only; you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Readers of the report should contact a qualified legal professional to obtain advice with respect to any particular legal matter. Information in this report may not constitute the most up-to-date legal or other information. The content in this report is provided “as is;” no representations are made that the content is error-free. Our information is derived from court documents, Petrobras Annual Reports, articles, third party information relating to Petrobras trading statistics, float, volume, holdings and otherwise. While we have no reason to believe otherwise, there is no guarantee that this information or our interpretation thereof is accurate.
References in this report to allegations of Petrobras’ bribery of government officials, contractors, and others, together with other fraudulent actions and compliance breaches, and to Petrobras’ violations of applicable laws in the United States, Netherlands, Brazil, and other jurisdictions are based on court filings in the United States and Netherlands and on publicly available information on government and third-party websites. Until proven in a court of law or admitted to by Petrobras, these are merely allegations of fact and do not represent an adjudication on the merits.
While BGLR attempts to provide factual and objective research, some readers may differ with our views, and we may not be considered independent. We and our clients, shareholders, investors, affiliates, consultants, lawyers or others may directly or indirectly financially benefit economically or otherwise from a settlement, judgments for damages or otherwise. The report contains links to third-party websites. Such links are only for the convenience of the reader, user or browser; BGLR does not recommend or endorse the contents of the third-party websites.
Battea Global Litigation Research Inc. publishes research independent of its parent company Battea Class Action Services, LLC and does not directly derive revenue from investor Class or Collection Actions filings on behalf of any institutional investor clients.
Battea Global Litigation Research, Inc.
Information Coordinator: Rasmus Ipsen, Senior Quantitative Analyst
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