Brazil’s securities regulator CVM is looking into 10 complaints made against Petrobras alleging that the company, its executives and auditors misled investors.

CVM president Leonardo Pereira told Reuters that two of the complaints are now at the sanctions phase.

Any penalties from the cases would be administrative and could include fines or bans on market or corporate activity.

There are no criminal penalties tied to the complaints.

One of the cases now entering the sanctions phase is against former Petrobras board members who allegedly misled investors when they green lit a 2014 to 2018 investment plan that included debt reduction goals the complaint claims were incompatible with the company’s fuel pricing policy.

The complaint also alleges that those moves forced the company’s refining unit to incur losses in order to cover fuel subsidy payments, Reuters said.

The second case alleges that former Petrobras CFO Almir Barbasa misled investors about the company’s fuel pricing policy.

CVM is also investigating eight other cases, with an unspecified number of those complaints also including the company’s current auditor, PricewaterhouseCoopers, and its former auditor, KPMG.

Pereira told Reuters that several of the complaints could result in judgments sometime this year.

Shares in Petrobras were trading at $3.04 per share midday on Tuesday, down from a high of $41.48 per share in March 2011.

Last month, Moody’s Investors Service doubled down on its junk rating for the company and lowered Petrobras’ rating from Ba2 to Ba3, with a negative outlook.

Moody’s cited depressed energy industry conditions, a “high execution risk” for the company’s plans to divest from $15.1 billion in assets by the end of 2016, a high level of debt maturities in the coming years and the prospects of negative cash flow as reasons behind the downgrade.


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