U.S. firm files lawsuit against PetroChina

Sept. 4, 2013 at 8:12 AM
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NEW YORK, Sept. 4 (UPI) -- A law firm in New York said it filed a class action lawsuit against China National Petroleum Corp. after the company was targeted for corruption.

Top officials from PetroChina, the listed arm of CNPC, resigned last week after Beijing announced it was examining issues of corruption at the state-owned energy company.

New York law firm Pomerantz filed a class action lawsuit in the South District of New York on behalf of a plaintiff said to have purchased PetroChina securities between April 2012 and August 2013, the Platts news service reported.

Chairman Zhou Jiping and other top executives are named in the suit, the report said. The law firm accused the energy company of misleading investors.

Platts reported it was unable to reach PetroChina for comment. There was no public announcement from the company.

PetroChina said last week Secretary to the Board of Directors Li Hualin resigned from his post. It offered no explanation for the decision.

Chinese President Xi Jinping has said he'd tackle corruption, saying it posed a risk to national interests.

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