UBS, Citigroup Snared In Investor Action Over SinoTech IPO

Law360, New York (October 6, 2011, 4:48 PM EDT) -- 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...
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