SAN DIEGO, April 1 /PRNewswire/ -- On April 1, 2004, Milberg Weiss
(http://www.milberg.com/cases/chinalife/) announced that a class action had
been commenced in the United States District Court for the Southern District
of New York on behalf of purchasers of China Life Insurance Company Limited
("China Life") (NYSE: LFC) publicly traded securities during the period
between December 22, 2003 and February 3, 2004 (the "Class Period"). The
complaint alleged that during the class period, defendants knew, but failed to
disclose the following adverse facts: (i) that the Company, under its old
name, and/or its predecessor or parent engaged in a massive financial fraud to
the tune of $652 million; (ii) that at the time of the IPO, the National Audit
Office of China ("NAO") had completed and/or was imminently about to publish
its adverse audit findings of the predecessor company which, under a new name,
controls the listed company, China Life; (iii) that the predecessor company,
under a different name, engaged in criminal acts involving illegal agent
services, illegal premium payments, embezzlement and depositing monies in
illegal bank accounts; and (iv) that China Life's share price would be tied to
the illegal acts already known to the defendants, two-thirds of whom were
directors/executive officers and/or senior managers of the predecessor
company. As a result of the defendants' false statements, China Life's stock
price traded at inflated levels during the Class Period, increasing to as high
as $34.75 on December 29, 2003, shortly after the Company sold more than
$3 billion worth of its own shares.
Then on March 31, 2004 (a month after the suit was filed), the SEC
announced that it has begun an inquiry into China Life's December 2003
$3.5 billion IPO. The Company's shares have since dropped to
$24.00 per share.
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from March 16, 2004. If you wish to discuss this action or have
any questions concerning this notice or your rights or interests, please
contact plaintiff's counsel, William Lerach or Darren Robbins of Milberg Weiss
at 800/449-4900 or via e-mail at wsl@mwbhl.com. If you are a member of this
class, you can view a copy of the complaint as filed or join this class action
online at http://www.milberg.com/cases/chinalife/. Any member of the
purported class may move the Court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent class
member.
Plaintiff seeks to recover damages on behalf of all purchasers of China
Life publicly traded securities during the Class Period (the "Class"). The
plaintiff is represented by Milberg Weiss Bershad Hynes & Lerach LLP, who has
expertise in prosecuting investor class actions and extensive experience in
actions involving financial fraud.
Milberg Weiss Bershad Hynes & Lerach LLP, a 190-lawyer firm with offices
in New York, San Diego, San Francisco, Los Angeles, Boca Raton, Seattle and
Philadelphia, is active in major litigations pending in federal and state
courts throughout the United States. Milberg Weiss has taken a leading role
in many important actions on behalf of defrauded investors, consumers, and
companies, as well as victims of World War II and other human rights
violations, and has been responsible for more than $30 billion in aggregate
recoveries. The Milberg Weiss website (http://www.milberg.com) has more
information about the firm.
SOURCE Milberg Weiss Bershad Hynes & Lerach LLP
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Related links:
http://www.milberg.com
CONTACT:
William Lerach of Milberg Weiss,
+1-800-449-4900, wsl@mwbhl.com
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