UBS Named in U.S. Lawsuits on Sinotech IPO, Handelszeitung Says
By Stefan Nicola
Nov. 16 (Bloomberg) -- UBS AG appears in several lawsuits in the U.S. over the Swiss bank’s involvement in the initial public offering of Chinese oil company Sinotech Energy Ltd., Handelszeitung reported, citing an interview with a lawyer.
Sinotech has been accused of giving false information on its business, the newspaper said. “The class-action lawsuits are now combined into a single suit by the district court Manhattan,” Phillip Kim, a lawyer with the Rosen law Firm, was cited as telling the newspaper.
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