Petróleo Brasileiro S.A.
|Company Name||Petróleo Brasileiro S.A.|
|Court||USDC Southern District of New York|
The investigation concerns whether the Company issued materially misleading business information to the investing public. On December 5, 2018, Reuters reported that Glencore and other trading firms paid over $30 million in bribes to employees of state-owned oil company Petrobras in a graft scheme. As part of the scheme, Petrobras employees offered the trading companies lower prices for oil, derivatives, and storage tanks, then shared in the savings. Specifically, top executives of the companies had “total and unequivocal” knowledge of the scheme. On this news, shares of Petrobras have fallen sharply during intraday trading on December 6, 2018, thereby injuring investors.
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