Several news outlets are reporting that a Chinese shopping website may have been outed last week as a Ponzi scheme, with the number of victims estimated in the hundreds of thousands and rumors that the founder had skipped town along with senior executives...
For several years, Friday has been the day when the
latest bank closures are announced (about which see further below). More
recently, Friday also seems to be the day when the latest securities class
actions involving Chinese companies are announced...
Well, kind of, but. The latest Reverse Merger Report
talks about the fact that short sellers have been focusing on alleged
differences between filings by public Chinese companies with their government
as compared to what is filed in the US with the...
The SEC's action seeking to compel the production of
documents from the Chinese affiliate of Deloitte and Touche is moving toward
resolution. The Court rejected a request by the audit firm for a stay pending
the resolution of a Commission administrative...
The Foreign Corrupt Practices Act (FCPA) enforcement arena
is scattered with US companies which have gone many miles past the extra mile
in providing travel and entertainment. Most practitioners will recall the
Lucent Technologies 2007 enforcement...
With four more securities suits involving Chinese or
China-linked companies this past Friday, the phenomenon of securities class
action lawsuits against these firms has emerged as one of the most distinct
securities litigation trends so far this year...
Lawrence Blitz v. AgFeed Industries, Inc., Goldman Kurland & Mohidin LLP, McGladrey & Pullen LLP , et al is a securities fraud class action where investors claim the company’s expansion was “fueled in large part by fraud.” AgFeed...
A path to U.S. citizenship premised on an immigration
program crafted to help create jobs, and surrounded with misrepresentations and
false documents was the lure used by Anshoo Seithi and his controlled entities
to defraud 250 investors of millions...
Even though the story has been brewing
for months , the mainstream media and the SEC suddenly seem to have decided
that the alleged accounting frauds involving certain U.S.-traded Chinese
companies are the central story of the moment. You can hardly...
China is hotbed for violations of the Foreign Corrupt
Practices Act. The real estate industry is not immune from the dangers. In
February of 2009 Morgan Stanley's real estate group reported an employee based in China in an overseas real
A number of PRC based issuers have been named as defendants in SEC enforcement actions. These cases involve a range of issues including financial fraud, manipulation and misuse of assets.
Misrepresentations and financial fraud...
For reasons I am sure they find good and sufficient,
Chinese companies have been seeking listings on the U.S. securities exchanges.
The Chinese companies (or at least some of them) have also been discovering an
added side-effect of a U.S. listing ...
The SEC and the DOJ resolved another bid-rigging case related to anticompetitive practices in the municipal securities markets. This is one of a series in an ongoing investigation. The SEC also prevailed on a summary judgment motion in an investment fraud...
This is the second installment of our three part series on
the Top 3 Foreign Corrupt Practices Act (FCPA) matters of 2010 to date and
their significance for the FCPA compliance professional. In Part I we focused
on the Gun
Sting matter . Now we turn...
The SEC and the People's Republic of China (PRC)-based affiliates of five major accounting firms entered into a settlement of proceedings initiated over the failure to produce audit work papers for issuers with substantial operations in China. The...