Misappropriation of $30 million; misstatement of revenues by 27x (2008)and 40 x (2009)
Stock falls from $8.33 when first note published on June 28th to $5.09. Company completes independent audit; denies all allegations. Stock at $3.03 by August 30th
RINO
Management draining funds from company; Chinese filings show revenues 94% lower than claimed; customers fabricated
Stock plunges 50%, eventually halted; CEO admits ‘problems’ with some contracts.
Sino-Forest (TRE)
Revenues misstated; opaque structure hides related party transactions; fraud
Stock plunges from $18 to 4.81 before being halted; ratings agencies downgrade; CEO resigns
Citron Research
Andrew Left
Xinhua Finance Media ( XFML)
Fraud
Stock falls 98.59%, principals indicted for fraud
China MediaExpress Holdings (CCME)
Revenues misstated; invented customers and deals
Delisted
Glaucus Research
Matthew Wiechert
Universal travel Group (UTA)
Business model not credible, deficient website, amount of cash on balance sheet misstated
Auditors resigned (6 auditors in 5 years); trading halted
