WILMINGTON: Brazilian oil company Petrobras’ US$17bil writedown, announced last week, may have been meant to close the accounting on a sprawling corruption scandal, but could instead provide fresh ammunition for a US class action lawsuit.
The case, filed in Manhattan federal court in December by a group of large investors, alleges US$98bil of the company’s American depository shares (ADRs) and bonds were artificially inflated since 2010 by the company overstating the value of assets such as major projects. Petrobras has moved to have the case dismissed.
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