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March 18, 2004 at 07:00 PM
NU Online News Service, March 18, 2004, 2:15 p.m. EST – Milberg Weiss Bershad Hynes & Lerach L.L.P., San Diego, has accused China Life Insurance Company Ltd., Beijing, of failing to inform investors about regulatory problems.[@@]
The firm, known for organizing securities class-action suits, has filed a suit in the U.S. District Court in New York that names China Life as the defendant.
The board of China Life has issued a statement challenging the law firm’s allegations.
“We are reviewing the complaint with our U.S. counsel and expect to contest the complaint vigorously,” the China Life board says in the statement.
China Life conducted a wildly successful initial public offering Dec. 22, 2003.
Milberg Weiss alleges in its suit that China Life knew a predecessor company had engaged in “massive financial fraud” but did not disclose that information until Feb. 4, when the National Audit Office of China published adverse audit findings about the predecessor company on its Web site.
