A New Jersey federal judge has allowed a stock fraud suit against Royal Dutch to continue, finding the shareholders had "adequately" shown reason for the court to examine allegations concerning the company's restatements of its oil reserves. The restatements led to stock declines, prompting shareholders to sue the oil company, some executives and its accounting firms, PricewaterhouseCoopers and KPMG. Royal Dutch Shell PLC said Tuesday it planned to appeal, questioning whether the court has jurisdiction.
August 17, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The class action lawsuit questions whether the company’s statements on its reserves, an important measure of future performance, purposely omitted or twisted important facts.
Royal Dutch Shell PLC said Tuesday that it planned to appeal the ruling, questioning whether the court has jurisdiction “over non-U.S. purchasers who bought their securities on non U.S.-markets.” The company is based in the Hague, Netherlands.
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