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Petrobras (PBR) Ordered by Regulator to Shut Down Multiple Facilities Case
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- In December 2022, Petrobras (PBR) disclosed interdiction order from National Agency of Petroleum, Natural Gas and Biofuels to shut down 37 onshore oil and gas production facilities due to discovered irregularities.
- On it, $PBR fell 9.86%, losing $6.49B+ of shareholder value.
- Investors may have grounds to suspect that Petrobras hid its regulatory setbacks, which led to their losses.
On December 14, 2022, Petrobras disclosed that Brazil's National Agency of Petroleum, Natural Gas and Biofuels ordered the Company to shutdown 37 onshore oil and gas production facilities in the state of Bahia. According to media reports, agency technicians auditing the facilities had found irregularities there.
On this news, $PBR fell 9.86% and lost over $6.49 billion of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect that Petrobras failed to timely disclose its regulatory setbacks, which consequently led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
14 December 2022