Yukos Oil Company Class Action Dismissed

A lawsuit seeking class action status was filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the publicly traded securities of Yukos Oil Company between February 13, 2003 and October 25, 2003. Shareholders claimed the bankrupt Russian oil company knowingly hid the risk that Russian authorities would take action against it on charges of fraud, embezzlement and tax evasion. US District Judge William Pauley dismissed all the lawsuit's claims, saying the suit did not adequately show a motive on the part of the defendants to commit securities fraud. (Oct-25-06) [REUTERS: YUKOS DISMISSED]