Lawsuit Overview
April 12, 2016 - The U.S. Court of Appeals for the Second Circuit affirmed the district court's judgement.
August 10, 2015 - The lead plaintiff filed a notice of appeal.
August 3, 2015 - The court granted defendants' motion to dismiss the second amended complaint.
February 13, 2015 - Defendant filed a motion to dismiss the second amended complaint.
December 16, 2014 - The court denied the defendant's motion to dismiss as moot.
November 14, 2014 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased American Depositary Shares (ADS) of PetroChina Company Limited (NYSE: PTR) between April 26, 2012 and December 17, 2013. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 26, 2012 and December 17, 2013.
August 6, 2014 - Defendant filed a motion to dismiss the amended complaint.
August 6, 2014 - The court denied the defendants' motion to dismiss without prejudice to refiling therefore the defendants' refiled their motion to dismiss.
August 5, 2014 - The defendants filed a motion to dismiss.
June 6, 2014 - The lead plaintiff filed an amended complaint.
April 4, 2014 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.
November 4, 2013 - Lead plaintiff motions were filed.
September 3, 2013 - An investor in American Depositary Shares (ADS) (NYSE: PTR) filed a lawsuit in the U.S. District Court for the Southern District of New York against American Depositary Shares over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 26, 2012 and August 27, 2013.
According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities of PetroChina Company Limited (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 PetroChina Company Limited 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 PetroChina Company Limited.