China Life Exec Comments on US Shareholder Litigation
June 19th, 2004A China Life vice president said in a Hong Kong press conference on Friday that the company is not worried about litigation brought by shareholders in the United States, according to this story by Bei Hu in the South China Morning Post.
The article said:
China Life does not plan to make a provision for class-action lawsuits in the United States, which allege that its management failed to disclose a state audit into its unlisted mainland parent before the IPO.“We believe the plaintiffs’ evidence won’t stand,” said another China Life vice-president, Li Liangwen. “We are confident about winning.”