The Briscoe Law Firm and Powers Taylor, LLP Announces Investigation Of Possible Breaches Of Fiduciary Duty By Officers And Directors Of CNOOC Limited

The Briscoe Law Firm and Powers Taylor, LLP announced that the firms are investigating legal claims against the officers and Board of Directors of CNOOC Limited (CNOOC) related to potential securities violations between January 27, 2011 and September 16, 2011 (Class Period). In a recently filed federal class action complaint, CNOOC and certain of its Officers and Directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that during the Class Period, defendants misrepresented or failed to disclose the following adverse facts: CNOOC was not in compliance with environmental laws and regulations; as news of the oil spills emerged, CNOOC concealed the extent and severity of the oil spills; as news of the oil spills emerged, CNOOC downplayed its responsibility to effect the cleanup of the oil spills as it portrayed itself as being the "non-operator" of the oilfield; CNOOC improperly accounted for its contingent liabilities in violation of Generally Accepted Accounting Principles; and based on the foregoing, defendants lacked a reasonable basis for their positive statements about CNOOC's operations and its expected oil production.