According to a press release, a class action lawsuit was filed 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.
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.
On April 4, 2014, the Court issued an Order consolidating cases, appointing lead plaintiff and approving lead counsel.
On August 3, 2015, the Court granted Defendant's Motion to Dismiss and terminated this case. On August 10, the Plaintiffs filed a Notice of Appeal to challenge this decision. On April 12, 2016, the United States Court of Appeals for the Second Circuit issued a Mandate affirming the decision of the District Court.