PetroChina Wins Dismissal of Securities Lawsuit in U.S.
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PetroChina Co. won dismissal of a securities-fraud lawsuit by investors who accused the company of failing to disclose corruption that exposed it to government investigations and penalties.
U.S. District Judge Edgardo Ramos in Manhattan dismissed the case, agreeing with China’s largest oil and gas producer that the investors failed to make a plausible argument that PetroChina’s annual reports contained statements that were false or misleading at the time they were made.