A lawsuit was filed on behalf of investors in PetroChina Company Limited (ADR) (NYSE:PTR) shares over alleged securities laws violations. Deadline: November 4, 2013. NYSE:PTR investors should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 09/09/2013 -- An investor, who purchased shares of PetroChina Company Limited (ADR) (NYSE:PTR), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by PetroChina Company Limited in connection with certain allegedly false and misleading statements made between April 26, 2012 and August 27, 2013 .
Investors who purchased a significant amount of shares of PetroChina Company Limited (ADR) (NYSE:PTR) between April 26, 2012 and August 27, 2013, have certain options and for certain investors are short and strict deadlines running. Deadline: Nov. 4, 2013, NYSE:PTR investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities of PetroChina Company Limited (ADR) (NYSE:PTR) between April 26, 2012 and August 27, 2013 , that PetroChina Company Limited and certain of its officers and directors violated 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.
More specifically, the plaintiff alleges that Defendants made false and/or misleading statements and/or failed to disclose that PetroChina Company Limited’s senior officials were in non-compliance with the Company's corporate governance directives and code of ethics, that as a result, PetroChina Company Limited was subject to investigation and disciplinary action by various governmental and regulatory authorities, that PetroChina Company Limited'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, that PetroChina Company Limited lacked adequate internal and financial controls, and that as a result of the foregoing, PetroChina Company Limited’s financial statements were materially false and misleading at all relevant times.
On August 27, 2013, PetroChina Company Limited announced that on 26 August 2013, it was informed by China National Petroleum Corporation, the controlling shareholder of the Company, that Mr. Li Hualin, Vice President of the Company and Secretary to the Board of Director of the Company, Mr Ran Xinquan, executive Director and Vice President of the Company, and Mr Wang Daofu, Chief Geologist of the Company, are currently under investigation by relevant PRC authorities. PetroChina Company Limited said that Mr Li Hualin, Mr Ran Xinquan and Mr Wang Daofu have, due to personal reasons, resigned from their respective positions with immediate effect. Mr Ran Xinquan, Director of the Company, has confirmed that there has been no disagreement with the Company and the Board, and there is no other matter that should be brought to the attention of the shareholders of the Company.
Furthermore, PetroChina Company Limited announced that at its request trading in the H shares of the Company will be suspended with effect from 9:00 a.m., 27 August 2013 in The Stock Exchange of Hong Kong Limited pending the release of an announcement containing inside information relating to the Company.
Those who purchased shares of PetroChina Company Limited (ADR) (NYSE:PTR), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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