Story by The Wall Street Journal

Brazilian state-controlled oil giant Petróleo Brasileiro SA, or Petrobras, said late Monday that it plans to release 2014 audited earnings on April 22.

The company, which is dealing with a corruption investigation in Brazil, said in a statement that its board will meet on April 22 to review third-quarter 2014 earnings and to approve full-year financial statements.

The country’s largest company, Petrobras intends to release the numbers following the board meeting, subject to members’ approval, it said in the statement.

The company, whose debt has already been cut to junk status by Moody’s Investors Service, could suffer more downgrades, especially if it takes longer to release audited financial results.

Petrobras has delayed the release of such statements following accusations that it overpaid for work by contractors and that the excess funds were funneled to former executives and political parties.

Construction companies investigated for potential involvement in the alleged corruption scheme have either denied wrongdoing, said they are cooperating with authorities or declined to comment.

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