The Rosen Law Firm Files Securities Fraud Class Action Against PetroChina Co. Ltd. – PTR

The Rosen Law Firm, P.A. today announced that it has filed a class action lawsuit on behalf of investors who purchased the securities of PetroChina Co. Ltd. (NYSE: PTR) during the period from April 26, 2012 to August 27, 2013 seeking to recover damages under the federal securities laws.

To join the PetroChina class action, visit the firm’s website at http://rosenlegal.com, or call Phillip Kim, Esq. or Kevin Chan, toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The lawsuit filed by the firm is pending in the U.S. District Court for the Southern District of New York.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.

According to the lawsuit, PetroChina issued materially false and misleading statements about the Company’s business and operations. The complaint alleges that: (a) the Company's senior officials were in non-compliance with the Company's corporate governance directives and code of ethics; (b) as a result, the Company was subject to investigation and disciplinary action by various governmental and regulatory authorities; (c) 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; (d) the Company lacked adequate internal and financial controls; and (e), as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times. As result of the wrongdoing, PetroChina shares declined in value, damaging investors.

If you wish to serve as lead plaintiff, you must move the Court no later than November 4, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com. You may also visit the firm’s website at http://rosenlegal.com.

The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

Copyright Business Wire 2010

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