Get the free version of Marbridge Daily delivered to your inbox

Click here to subscribe

Longtop Shares Plummet on Fraud Allegations

iMeigu, 4/28/11

Shares of Chinese financial services software developer Longtop (NYSE: LFT) fell 20.28% yesterday to close at USD 17.73, with trading volume reaching 12.3 mln shares following a report from Citron Research alleging the company falsified its financial statements. The report claims that Longtop exaggerated profit margins by shifting its staffing expenses to a supposed independent company, and that the company founders engaged in unfair competitive practices in their previous business venture, and conducted a number of non-transparent management transactions.

To view Citron Research's report, please click here.

Keywords: fiscal report scandal software Longtop LFT IT services

Feedback

Please note, all fields are required.
None of your personal information will be shared with third parties.

SendingSending

Disclaimer

The information contained in this newsletter is based upon sources that Marbridge Consulting believes to be reliable, and we have made every effort to translate the original articles or article excerpts as faithfully as possible. However, Marbridge Consulting makes no warranty of and assumes no legal responsibility for the accuracy of either the original source material or the English language translations.

Marbridge Daily Premium

Interested in gaining full access to all newsletter articles and the Marbridge Daily archive? To learn more about premium subscription options, including pricing, please:

Click here

Marbridge Consulting RSS Feed

Marbridge Reports