Law360, New York (October 06, 2011, 4:48 PM ET) -- Investors on Wednesday hit SinoTech Energy Ltd. with a class action in New York federal court for making misleading statements ahead of its 2010 initial public offering, calling it a front and also targeting underwriters such as UBS AG and Citigroup Global Markets Inc.
Far from the robust oil drilling operations it presented in public statements, Beijing-based SinoTech is a shell company with little or no income, plaintiffs claimed in the suit also names underwriter Lazard Capital Markets LLC and accounting firm Grant Thornton LLP as...
UBS, Citigroup Snared In Investor Action Over SinoTech IPO
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