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O’Melveny Partners Matthew Close, David Roberts Offer Commentary on the Challenges for US-Listed Chinese Companies and the Growing Number of Securities Class Actions Against Them

February 14, 2011

MEDIA ADVISORY

 

CONTACT:            Julie Fei

                                O’Melveny & Myers LLP

                                213.430.7792

                                213.440.7792 (cell)

                                jfei@omm.com

 

 

WHAT: Matthew Close, a partner in the Los Angeles office of O’Melveny & Myers LLP and a member of the Securities Litigation Practice, and David Roberts, a partner in the Beijing office and a member of the China Capital Markets Practice, are available to discuss the challenges facing Chinese companies listing shares on US exchanges, including the implications of a spate of recent investor class actions. The latest complaints involve China MediaExpress and China Valves Technology and were filed this month in Federal District Court in New York.

WHY: Both complaints reflect a growing trend in securities litigation by investors. The allegations that the companies knowingly defrauded shareholders through false or misleading information about the companies’ financials, along with the rising number of such actions, carry significance for all non-US companies listing shares in the US, especially Chinese companies, which O’Melveny partners are seeing make a push into US exchanges.

WHO: Close is a frequently quoted authority in the US and internationally on class actions and other litigation brought against non-US companies listed on US exchanges. He can discuss the implications of this trend for issuers and investors, as well as analysis of the key issues, defenses, laws, and precedents involved in the litigation. Roberts is an authority on public and private investments in mainland China, as well as the proliferation of Chinese companies looking to grow internationally. He can comment on the trend of and potential risk factors for Chinese public companies looking to list on US exchanges as O’Melveny’s Asia practice is at the forefront of navigating those legal hurdles for China-based companies.

If you’d like to speak with Close, Roberts, or another partner in the China Capital Markets Practice, please contact Julie Fei at the number or e-mail listed above.

About O’Melveny & Myers LLP

With approximately 900 lawyers in 14 offices worldwide, O’Melveny & Myers LLP helps industry leaders across a broad array of sectors manage the complex challenges of succeeding in the global economy. We are a values-driven law firm, guided by the principles of excellence, leadership, and citizenship. Our commitment to these values is reflected in our dedication to improving access to justice through pro bono work and championing initiatives that increase the diversity of the legal profession. For more information, please visit www.omm.com