In light of a new corruption probe among high-level Chinese government officials, a U.S.-based law firm says it is now investigating securities claims against PetroChina Company Ltd.
Greater China media are reporting on a corruption probe into former security chief and mainland China Politburo Standing Committee member Zhou Yongkang. The proble will reportedly cover Zhou's relationship with China National Petroleum Corporation, the parent company of U.S.-listed PetroChina.
On August 27, 2013, shares of PetroChina were temporarily halted following news that three senior officials at China National Petroleum Corporation were under investigation by Chinese authorities in connection with a high-level government probe intended to root out fraud and corruption.
The Rosen Law Firm is investigating a potential securities class action lawsuit as a result of this adverse information. In addition, U.S. government authorities may also seek more information and could use either the U.S. Foreign Corrupt Practices Act or anti-money laundering laws as the basis of these inquiries.