A dozen Democrats insist oil companies aren’t telling shareholders the gritty reality of their crude pursuits, including the environmental and financial risks of drilling in the Arctic Ocean and other frontier areas.
The SEC is levying the charges at current Chief Operating Officer David M. Hall and former Chief Financial Officer Paul W. Boyd, who left the company in 2011. The audit team leader at the company’s former independent auditor also was charged.
U.S. District Judge Edgardo Ramos in Manhattan dismissed the case, agreeing with China’s largest oil and gas producer that the investors failed to make a plausible argument that PetroChina’s annual reports contained statements that were false or misleading at the time they were made.
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