In the news: Class action against PetroChina, ChinaWhys founders arrested and Shanghai free trade zone extended

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clpstaff &clp articles

A class action has been filed against PetroChina as a result of a corruption scandal that was not disclosed. ChinaWhys founders have been arrested in Shanghai and there has been talk of the Shanghai Free Trade Zone occupying all of Pudong

PetroChina faces class action suit

Pomerantz Grossman Hufford Dahlstrom & Gross has filed a class action law suit against PetroChina and some of its executives for failing to disclose a corruption scandal. Several former executives of PetroChina and the oil company's state-owned parent, the China National Petroleum Company (CNPC) are under investigation by the central government for corruption. Pomerantz filed the lawsuit in the court of the Southern District of New York on behalf of investors who bought securities from PetroChina between April 26 2012 and April 27 2012. PetroChina is listed in Shanghai and Hong Kong and has American depository receipts traded in New York.

Source: SCMP

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