Law offices of howard g. smith announces investigation of cnooc limited

Bensalem, pa.--(business wire)--law offices of howard g. smith announces that it is investigating potential claims against cnooc limited (“cnooc” or the “company”) (nyse:ceo) concerning possible violations of federal securities laws. the investigation focuses on allegations that certain statements issued by the company regarding cnooc’s business, operations, and financial performance and prospects were false and misleading. cnooc, through its subsidiaries, engages in the exploration, development, production and sale of crude oil, natural gas and other petroleum products. the company 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 investigation concerns whether the company misrepresented or failed to disclose: (i) that the company was not in compliance with environmental laws and regulations; (ii) that the company concealed the extent and severity of oil spills that occurred at the pl19-3 oilfield in june 2011; (iii) that as news of the oil spills emerged the company downplayed its responsibility to effect the cleanup of the oil spills, portrayed itself as being the “non-operator” of the oilfield, and hindered the cleanup by requiring the operator of the oilfield to use a cnooc-affiliated company for the cleanup; (iv) that the company improperly accounted for its contingent liabilities in violation of generally accepted accounting principles (“gaap”); and (v), based on the foregoing, that the company lacked a reasonable basis for its positive statements about the company’s operations and its expected oil production. if you purchased cnooc securities, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact howard g. smith, esquire, of law offices of howard g. smith, 3070 bristol pike, suite 112, bensalem, pennsylvania 19020 by telephone at (215) 638-4847, toll free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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