(China Green Agriculture story updated to include further details from the J Capital research report.)
The firm, Beijing-based J Capital, said in its report that it had found "compelling evidence that China Green Agriculture ... has vastly inflated the sales and profit figures it reports to investors."
China Green closed Wednesday at $8.11, down 10.4%, on volume of more than 3 million shares, six times the daily average turnover in the name.J Capital cited financial records filed by China Green with a Chinese government bureau called the State Administration of Industry and Commerce, or SAIC. Those filings show that China Green Agriculture's main operating unit took in revenue of $8.4 million in calendar 2009, J Capital said in its report. The company reported revenue for the same period of $41.8 million to the Securities and Exchange Commission, according to the report. >>The Shanghai Numbers: A Special Series by TheStreet In September, China Green issued a press release defending the accuracy of its filings in the U.S. "It is well documented that reports filed with
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