NYSE Moves to Delist China RTO Duoyuan Printing
A little more than a month later, on March 24, it received a subpoena from the SEC. The agency's investigators are looking into whether China Century "made material misstatements or omissions concerning its financial statements, including cash accounts and accounts receivable," the company said in its 8-K filing. It added that it's "committed to cooperating with the SEC."
The allegations by MaloneBailey are eerily similar to those it made against another of its clients, NIVS IntelliMedia (NIV). The firm resigned as that company's auditor last week. The NYSE Amex has also halted trading in NIVS shares, which last changed hands at $2.24.
The offerings of both China Century and NIVS were underwritten by WestPark Capital, an investment bank that has long helped small Chinese companies gain U.S. stock listings.
The shares of a third company, China Intelligent Lighting (CIL), have also been under a trading halt since Friday. The company's underwriter and audit firm were WestPark and MaloneBailey.-- 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