SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action
Against Petrochina Company Ltd. and Certain Officers -- PTR
NEW YORK, Sept. 20, 2013 (GLOBE NEWSWIRE) -- 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
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
email@example.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
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
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