CNOOC Limited Alert: The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Possible Breaches of Fiduciary Duty by the Officers and Directors of CNOOC Limited

DALLAS, March 5, 2012 /PRNewswire/ -- Former United States Securities and United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of CNOOC Limited  ("CNOOC") (NYSE: CEO) related to potential securities violations between January 27, 2011 and September 16, 2011 (the "Class Period").

(Logo:  http://photos.prnewswire.com/prnh/20111111/DA05320LOGO)

If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected].  There is no cost or fee to you.

"Recent revelations about CNOOC's alleged failure to comply with important environmental laws and regulations and its purposeful concealment of oil spills, among other actions by CNOOC's Board, have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by CNOOC's top management and directors.  Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of CNOOC stock for all shareholders, including seeking removal of certain officers and directors and monetary payments," said shareholder rights attorney Willie Briscoe.

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: (a) CNOOC was not in compliance with environmental laws and regulations; (b) as news of the oil spills emerged, CNOOC concealed the extent and severity of the oil spills; (c) 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; (d) CNOOC improperly accounted for its contingent liabilities in violation of Generally Accepted Accounting Principles; and (e) based on the foregoing, defendants lacked a reasonable basis for their positive statements about CNOOC's operations and its expected oil production.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

SOURCE Powers Taylor, LLP