Bullish CCME Analyst No Longer With Firm
Deloitte is in the middle of another developing situation involving a Chinese stock and allegations of fraud. Douyuan Printing (DYP) disclosed in a regulatory filing on Friday that the Securities and Exchange Commission had launched a formal investigation into whether the company committed fraud by purposefully misstating financial results.
Regulators have been conducting the probe since October, Douyuan said in the filing. About a month earlier, the company fired Deloitte as its auditor after the firm had raised accounting red flags.
Global Hunter, meanwhile, is one of a number of investment banks who do a steady business in underwriting shares of Chinese small-cap companies. According to its web site, its clients have included Shengdatech (SDTH), Yuhe International (YUII) and China Agritech (CAGC), another Chinese small-cap company whose stock has been halted after the company dismissed its auditor, this time the China-based affiliate of Ernst & Young. Global Hunter didn't provide investment banking services to China MediaExpress.
-- Written by Scott Eden in New York
>To contact the writer of this article, click here: Scott Eden. >To follow the writer on Twitter, go to http://twitter.com/ScottEden. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV