NEW YORK, Sept. 6, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at PetroChina Co. Ltd. ("PetroChina" or the "Company") (NYSE: PTR).
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The investigation focuses on whether the Company and its executives violated federal securities laws with respect to its disclosures concerning business, operational, and compliance policies. Specifically, the investigation focuses on whether PetroChina issued materially false and misleading financial statements due to non-compliance with the Company's corporate governance directives and code of ethics.
On August 27, 2013, PetroChina announced that it was informed that three executives are under investigation by authorities of the PRC and had resigned. It was further reported by the State-Owned Assets Supervision and Administration Commission, which oversees China's state companies, that the three executives were under investigation for "severe breaches of discipline."
Following this news, the Company's stock declined by $3.92 or 3.5%.
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Take Action
If you invested in PetroChina stock, bonds or options between April 26, 2012 and August 27, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/PTR. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding PetroChina's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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