Violations of federal securities laws as a result of the Company’s issuance of a series of materially false statements. CNOOC, through its subsidiaries, engages in the exploration, development, production and sale of crude oil, natural gas and other petroleum products. CNOOC owns oil and natural gas properties in Asia, Oceania, Africa, the Americas and offshore China — including the Penglai 19-3 (“PL19-3”) oil field situated in northern China’s Bohai Bay. The Complaint alleges that Defendants failed to disclose the following materially adverse facts: (i) CNOOC was not in compliance with environmental laws and regulations; (ii) CNOOC concealed the extent and severity of oil spills that occurred at the PL19-3 oil field in June 2011; (iii) as news of the oil spills emerged, CNOOC downplayed its responsibility to effect the clean-up of the oil spills as it portrayed itself as being the “non-operator” of the oil field; (iv) CNOOC improperly accounted for its contingent liabilities in violation of Generally Accepted Accounting Principles; and (v) Defendants lacked a reasonable basis for their positive statements about the Company’s operations and expected oil production. Filed in S.D.N.Y.
Lead Plaintiff Motion Date: The deadline to file for lead plaintiff in this action is 04/29/2012.
Join This Action: To apply to join this action and be represented by Shepherd, Finkelman, Miller & Shah LLP, please click here for a certification form to submit your information.
Send Us Information: If you have information about this action that you would like to provide us, please click here.