| Company: | China Life Insurance Co. Limited |
| Ticker Symbol: | NYSE: LFC |
| Class Period: | December 22, 2003 to February 3, 2004 |
| Court: | Southern District, NY |
| Date Filed: | Apr-13-04 |
| Lead Plaintiff Deadline: | May-17-04 |
| Allegations: |
A class action lawsuit was filed on April 13, 2004 on behalf of all persons who purchased or acquired the securities of China Life Insurance Co. Limited ("China Life" or the "Company") (NYSE: LFC) between December 22, 2003 and February 3, 2004, inclusive (the "Class Period") and who suffered damages thereby. The action, case number 04-CV-2821, David Kammerer v. China Life Insurance Co. Limited et al., is pending in the United States District Court for the Southern District of New York.
The Complaint alleges that during the Class Period, China Life and certain of its officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the Complaint alleges that defendants failed to disclose: (1) that China Life and/or its predecessor company had engaged in a huge financial fraud by misusing 5.4 billion yuan ($652 million) of funds; (2) that China Life and/or its predecessor company had engaged in criminal activities by making illegal and unauthorized loans, investments and payments; (3) that at the time of its initial public offering ("IPO") the National Audit Office of the Peoples Republic of China ("CNO") had completed and/or was about to publish its report detailing this huge financial fraud; and (4) that defendants knew that this information would have a material impact on the share price of its $3 billion IPO.
On February 3, 2004, Bloomberg reported that the CNO had published its report detailing massive fraud at China Life. The report stated that China Life had misused 5.4 billion yuan ($652 million) of funds, making illegal and unauthorized loans, investments and payments. According to Bloomberg, the CNO's probe uncovered 28 criminal cases involving 489 million yuan. More specifically, the CNO found that China Life offered illegal agency services and made unusually high insurance payments to the amount of 2.38 billion yuan. The CNO reported that Company used 2.5 billion yuan to make illegal investments and gave unauthorized loans. Government investigators also found private caches holding 31.79 million yuan that were set up by the Company. News of this shocked the market and shares of China Life fell $2.13 per share, or 7.4% to close at $26.67 per share on usually high trading volume on February 4, 2004.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The Complaint alleges that during the Class Period, China Life and certain of its officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the Complaint alleges that defendants failed to disclose: (1) that China Life and/or its predecessor company had engaged in a huge financial fraud by misusing 5.4 billion yuan ($652 million) of funds; (2) that China Life and/or its predecessor company had engaged in criminal activities by making illegal and unauthorized loans, investments and payments; (3) that at the time of its initial public offering ("IPO") the National Audit Office of the Peoples Republic of China ("CNO") had completed and/or was about to publish its report detailing this huge financial fraud; and (4) that defendants knew that this information would have a material impact on the share price of its $3 billion IPO.
On February 3, 2004, Bloomberg reported that the CNO had published its report detailing massive fraud at China Life. The report stated that China Life had misused 5.4 billion yuan ($652 million) of funds, making illegal and unauthorized loans, investments and payments. According to Bloomberg, the CNO's probe uncovered 28 criminal cases involving 489 million yuan. More specifically, the CNO found that China Life offered illegal agency services and made unusually high insurance payments to the amount of 2.38 billion yuan. The CNO reported that Company used 2.5 billion yuan to make illegal investments and gave unauthorized loans. Government investigators also found private caches holding 31.79 million yuan that were set up by the Company. News of this shocked the market and shares of China Life fell $2.13 per share, or 7.4% to close at $26.67 per share on usually high trading volume on February 4, 2004.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
