China Forestry Liquidators Sue IPO Arrangers, Other Advisers

China Forestry Holdings Co.’s liquidators sued the investment banks and other advisers on the timber producer’s 2009 Hong Kong initial public offering for alleged offenses including breach of contract and misrepresentation.

Units of Standard Chartered Plc and UBS Group AG, which were joint sponsors and joint global coordinators of the share sale, and audit firm KPMG LLP were among more than half a dozen companies named in lawsuits filed April 25 in Hong Kong’s High Court by China Forestry. The company, which is under the control of liquidators Cosimo Borrelli and Christopher Kennedy, also sued more than a dozen current and former executives and board members, as well as law firms and consultants involved in the offering, the court documents show.