CNOOC Sheds Investor Suit Over Bohai Bay Oil Spill

Law360, New York (May 6, 2013, 6:23 PM EDT) -- A New York federal judge on Monday tossed a proposed class action alleging China National Offshore Oil Corp. misled shareholders about the strength of its safety measures related to an oil spill in China's Bohai Bay, finding the suit failed to show that the company intentionally lied. 

U.S. District Judge Katherine B. Forrest ruled that the complaint failed to show that CNOOC knowingly lied to shareholders when it sent press releases touting its safety measures before the June 2011 spill, and then assuring that the spill...
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