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
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