(UPDATE) Petrobras Securities Litigation

On July 7, 2017 the United States Court of Appeals for the Second Circuit upheld the decision made by the Honorable Jed S. Rakoff of the United States District Court for the Southern District of New York to certify a class of investors who purchased or otherwise acquired Petroleo Brasileiro (“Petrobras”) securities between January 22, 2010 and July 28, 2015.  In particular, the Court of Appeals noted that “the district court properly considered a combination of direct and indirect evidence in reaching its conclusion that Petrobras ADS and Notes both trade in efficient markets.”

Additional information is available here.