Shareholder Alert: Pomerantz Law Firm Announces the Filing of a Class Action Against Petrochina Company Ltd. & Certain Office...
October 21 2013 - 10:26AM
Marketwired
Shareholder Alert: Pomerantz Law Firm Announces the Filing of a
Class Action Against Petrochina Company Ltd. and Certain Officers -
PTR
NEW YORK, NY--(Marketwired - Oct 21, 2013) - Pomerantz Grossman
Hufford Dahlstrom & Gross LLP has filed a class action lawsuit
against The Petrochina Company Ltd. ("Petrochina" or the
"Company") (NYSE: PTR) and certain of its officers. The class
action, filed in United States District Court, Southern District of
New York, and docketed under 13-cv-6180, is on behalf of a class
consisting of all persons or entities who purchased or otherwise
acquired securities of Petrochina between April 26, 2012 and August
27, 2013 both dates inclusive (the "Class Period"). This class
action seeks to recover damages against the Company and certain of
its officers and directors as a result of alleged violations of the
federal securities laws pursuant to Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder.
If you are a shareholder who purchased Petrochina securities
during the Class Period, you have until November 2, 2013 to ask the
Court to appoint you as Lead Plaintiff for the class. A copy
of the Complaint can be obtained at www.pomerantzlaw.com. To
discuss this action, contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address, telephone number, and number of shares
purchased.
Petrochina is China's largest oil and gas producer and
distributor, playing a dominant role in the oil and gas industry in
the People's Republic of China ("PRC").
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements, as well as
failed to disclose material adverse facts about the Company's
business, operations, and financial performance. Specifically,
Defendants made false and/or misleading statements and/or failed to
disclose that: (1) the Company's senior officials were in
non-compliance with the Company's corporate governance directives
and code of ethics; (2) as a result, the Company was subject to
investigation and disciplinary action by various governmental and
regulatory authorities; (3) the Company's financial statements were
materially false and misleading as they contained direct references
to the Company's Code of Ethics, and statements regarding its
compliance with regulations and internal governance policies; (4)
the Company lacked adequate internal and financial controls; and
(5), as a result of the foregoing, the Company's financial
statements were materially false and misleading at all relevant
times.
Then, on August 27, 2013, the Company announced that the
State-Owned Assets Supervision and Administration Commission
(SASAC), which oversees China's state companies, launched an
investigation of three senior officials, Vice-President and
Secretary to the Board of Directors, Li Hualin, Executive Director
and Vice-President Ran Xinquan, and PetroChina chief geologist Wang
Daofu, for "severe breaches of discipline", a code word for
corruption in the PRC. The company further reported that all
three officials had resigned their positions effective immediately.
As a result of this investigation, trading in Petrochina shares was
halted on August 27, 2013.
On this news, Petrochina shares declined $3.92 per share, or
over 3.5%, to close at $107.82 on August 28, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford
Dahlstrom & Gross LLP Email Contact
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