STEVENSON, Md., Sept. 4, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of PetroChina Company Limited ("PetroChina" or the "Company") (NYSE:PTR) securities during the period between April 26, 2012 and August 27, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in PetroChina Company Limited securities purchased on or after April 26, 2012 and held through the revelation of negative information on August 27, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 4, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company was subject to investigation and disciplinary action by various governmental and regulatory authorities in connection with a lack of compliance with corporate governance directives and code of ethics on the part of the Company's senior officials. According to the complaint, following the Company's August 27, 2013 disclosure that the State-Owned Assets Supervision and Administration Commission, which oversees China's state companies, had begun an investigation of three of its senior officials for severe breaches of discipline, often a code word for corruption in China, and that all three officials had resigned their positions effective immediately, the value of PetroChina shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation