San Diego, CA -- (SBWIRE) -- 03/05/2012 -- An investor in NYSE:CEO ADRs filed a lawsuit against CNOOC Limited over alleged Violations of Federal Securities Laws in connection with certain Statements regarding the Penglai 19-3 oilfield in northern Bohai Bay.
Investors who purchased CNOOC Limited (ADR) (NYSE:CEO) during the period between January 27, 2011 and September 16, 2011, have certain options and there are strict and short deadlines running. Deadline: April 30, 2012. NYSE:CEO stockholders should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf purchasers of NYSE:CEO ADRs during the period between January 27, 2011 and September 16, 2011, that CNOOC Limited and certain of its officers and directors violated the Securities Exchange Act of 1934.
Specifically, the plaintiff alleges that between January 27, 2011 and September 16, 2011 defendants issued allegedly materially false and misleading statements regarding CNOOC Limited’s business and financial results and as a result of those statements, NYSE:CEO ADRs traded at artificially inflated prices reaching a high of US$270.64 per ADS on April 4, 2011.
On June 4, 2011 and on June 17, 2011 oil spills occurred at the Penglai 19-3 oilfield in northern Bohai Bay.
The plaintiff alleges that CNOOC Limited and ConocoPhillips China Inc. as the operator of the oilfield in northern Bohai Bay failed to disclose the spills when they occurred.
On July 5, 2011, the State Oceanic Administration, China's coastal regulator, officially acknowledged the spills had occurred.
However, the plaintiff alleges that CNOOC Limited downplayed the extent of the damage done by the oil spills and the impact it would have on CNOOC Limited's operations.
On September 2, 2011, the State Oceanic Administration announced that it had ordered CNOOC Ltd. and ConocoPhillips to immediately suspend all oil production at the Penglai 19-3 oilfield in northern Bohai Bay.
On September 6, 2011, it was announced that CNOOC and ConocoPhillips would establish a Bohai Bay fund to address the environmental impact of the oil spills.
NYSE:CEO ADRs fell from over $260 in April 2011 to as low as $152.79 on September 23, 2011.
Those who purchased CNOOC Limited (ADR) (NYSE:CEO) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego