"As the repercussions of the June 2011 Bohai Bay oil spill still linger, China's state-owned oil company CNOOC faces a new headache after it was sued by its U.S. investors over its misleading statements issued during the spill.
China's largest offshore oil company said in an announcement posted on its website Tuesday evening that it received notice of the class action suit filed by its U.S. investor Sam Sinay, individually and on behalf of all others similarly situated, in the U.S. District Court for the Southern District of New York.
The plaintiffs accused CNOOC of failing to disclose June 2011's Bohai Bay oil spill in a timely manner and also releasing false and misleading information about its performance and financials.
A CNOOC official refuted Sinay's allegations, saying the company complied with rules and terms concerning information disclosure during the spill."
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