China Life announced today that the US District Court for the Southern District of New York has dismissed the securities class action against it. The case was filed in 2004 by investors alleging that China’s biggest life insurer failed to disclose material information during its listing.
Specifically, as reported by Reuters, the class action alleged that China Life failed to disclose that a government audit of its state-owned predecessor company had found accounting irregularities impacting the company by approximately about 5.4 billion yuan ($789.8 million).
