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China Life Insurance Co. Ltd. Message Board

  • prinzeugene prinzeugene Mar 23, 2004 4:56 PM Flag

    3 LAW SUITS till now!

    Cauley Geller, Schiffrin & Barroway, Milberg Weiss!
    does really not look good!


    (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.

    REMEMBER NTES HAD THE SAME GOING (CLASS PERIOD) RIGHT AFTER THE IPO AND NTES WENT TO $1 AFTER IPO 0F $15.50!

    so LFC could very well go to $18 it's IPO price!!

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    • China Life also acknowledged that the pending IPO price of its American
      depositary shares, each worth 40 "H" shares--shares offered in Hong Kong--was
      greater than book value. In the F-1 statement, the insurer placed its book value
      at $9.32 a share, while estimating its IPO price in the range of $15.35 to
      $18.80.


      Milberg Weiss noted that China Life's IPO was over-subscribed by about 25 times,
      following a "road show" in New York City just before the IPO. The law firm said
      the interest in the stock was "the sort of frenzy that was reminiscent of the
      Internet bubble." According to the firm's lawsuit, China Life and certain of its
      officers engaged in a "massive financial fraud" amounting to $652 million before
      the company's conversion to its current form in June 2003.

      The law firm charged that China Life reformed last year "to cherry-pick
      healthier policies from its parent company," and that the predecessor company
      "engaged in criminal acts involving illegal agent services, illegal premium
      payments, embezzlement and depositing monies in illegal bank accounts." The
      predecessor company, now under a new name--China Life Insurance (Group) Co.
      (CLIC)--controls the listed company, Milberg Weiss said in a statement. The law
      firm also charges that the National Audit Office of China was preparing to
      publish adverse audit findings on the predecessor company as the IPO was
      launched.

    • Fraud!fraud!
      Serious!sertous!
      They do not play game according to the game roles!

      It is a risk stock!
      Sell out!

 
LFC
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