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Petrobras 6-K | Looming Class Actions?

Screenshot from 2014-12-18 18:12:27

Source: SEC Filing

From the Form 6-K dated 15-December-2014 and submitted by Petrobras to the U.S. SEC. It is required to update shareholders as to its delayed results for 3Q in short order. Shareholders have until February 9 to join the class.

  1. On November 21, 2014, Petrobras received a subpoena from the U.S. Securities and Exchange Commission (SEC) requesting certain documents relating to an investigation of the Company by the SEC;
  2. On December 3, 2014, Petrobras gained access to the depositions of Mr. Julio Gerin de Almeida Camargo (Grupo Toyo) and Mr. Augusto Ribeiro de Mendonça Neto (Grupo Setal) given as state’s evidence to prosecutors;
  3. On December 9, 2014, the Company was served with a class-action complaint filed by Mr. Peter Kaltman before the U.S. Court (United States District Court, Southern District of New York). We expect additional complaints to be filed, which could potentially be consolidated with Kaltman’s complaint;
  4. On November 11, 2014, criminal charges were filed by the Brazilian Public Prosecutor’s Office against several individuals …  including the Former Director of Downstream, Paulo Roberto Costa, and managers of other companies for active corruption, passive corruption, organized crime, money-laundering and falsification of documents.

Kaltman may be the aggrieved shareholder interviewed by Sept. 4 by Bloomberg — «Peter Kaltman, a retired accountant, says he was reassured by the Securities Investor Protection Corp. logo on the stationery of the brokerage that sold him $550,000 in Stanford International Bank certificates of deposit.»

A week ago, the FT published a list of potential class action attorneys in connection with the case.

Six US law firms say they have begun class-action proceedings against Petrobras in an effort to recoup money for US investors who lost money as a multibillion-dollar corruption scandal engulfed Brazil’s biggest company.

The Pomerantz law firm, Glance Binkow & Goldberg, Brower Piven, Kahn Swick & Foti, Wolf Popper, and Rosen Law Firm are all seeking court approval to bring class-action lawsuits on behalf of investors who bought American Depositary Shares (ADSs) in Brazil’s state-controlled oil producer on the New York Stock Exchange.

  1. Pomerantz
  2. Glance Binkow & Goldberg
  3. Brower Piven
  4. Kahn Swick & Foti
  5. Wolf Popper
  6. Rosen Law Firm


The only attorney to speak on the record — that I can find — since the case broke is Robert Finkel of Wolf Popper.

Finkel is confident he will be able to enforce judgment on Petrobras and its executives if he wins. Investors interested in becoming lead plaintiffs have until Feb. 6 to file a motion with the court, a Wolf Popper statement said.

“There is a good track record for dealing with cases related to the U.S. Foreign Corrupt Practices Act,” he said. “They registered their securities here, they are subject to U.S. law.”

The Association of Corporate Counsel offers a comparative course on Brazil’s anti-corruption law and similar legislation, including the FCPA;