SOURCE: Izard Nobel LLP

March 06, 2012 16:57 ET

Izard Nobel LLP Announces Class Action Lawsuit Against CNOOC Limited

WEST HARTFORD, CT--(Marketwire - Mar 6, 2012) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the American Depositary Shares ("ADSs") of CNOOC Limited ("CNOOC" or the "Company") (NYSE: CEO) between January 27, 2011 and September 16, 2011, (the "Class Period"). CNOOC, through its subsidiaries, engages in the exploration, development, production and sale of crude oil, natural gas and other petroleum products. CNOOC owns oil and natural gas properties in Asia, Oceania, Africa, the Americas and offshore China -- including the Penglai 19-3 ("PL19-3") oilfield situated in northern China's Bohai Bay.

The Complaint alleges that CNOOC and certain of its officers and directors violated the federal securities laws. Specifically, defendants failed to disclose the following materially adverse facts: (i) CNOOC was not in compliance with environmental laws and regulations; (ii) CNOOC concealed the extent and severity of oil spills that occurred at the PL19-3 oilfield in June 2011; (iii) as news of the oil spills emerged, CNOOC downplayed its responsibility to effect the cleanup of the oil spills as it portrayed itself as being the "non-operator" of the oilfield; (iv) CNOOC improperly accounted for its contingent liabilities in violation of Generally Accepted Accounting Principles; and (v) defendants lacked a reasonable basis for their positive statements about the Company's operations and expected oil production.

If you are a member of the class, you may, no later than April 29, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/CNOOC/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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