SHANGRI-LA COUNTY, China, Oct. 18, 2011 /PRNewswire/ -- Tibet Pharmaceuticals, Inc. (NASDAQ: TBET), an emerging specialty pharmaceutical company engaged in the development, manufacturing and marketing of traditional Tibetan medicine in China, announced today that it has engaged Sherb & Co., LLP ("Sherb & Co.") as its new independent auditor. Sherb & Co. will commence its work immediately with the review of the Company's third quarter financial statements, which are to be included in the Company's upcoming form 10-Q.
The decision to engage Sherb & Co. as the Company's independent registered public accounting firm was approved by the Audit Committee of the Company's Board of Directors. Formal notification detailing this action was filed in a Form 8-K with the SEC. Sherb & Co. is an SEC audit firm based in New York City that is registered with the Public Company Accounting Oversight Board (PCAOB) and provides a range of comprehensive accounting and auditing services to public companies in a full spectrum of industries. Sherb & Co. maintains offices in New York City; Boca Raton, Florida; as well as Beijing, China.
Mr. Hong Yu, CEO and Chairman of Tibet Pharmaceuticals stated, "After an extensive search process, we are pleased to engage Sherb & Co. as our new auditor. The firm has wide experience working with U.S.-listed Chinese companies, as well as handling SEC rules and regulations for more than 90 publicly traded enterprises. We believe Sherb & Co. offers Tibet Pharmaceuticals and our shareholders a strong combination of high quality services and extensive experience, and we look forward to working with them in the future."
The Company did not have any disagreements with its previous auditor, Acquavella, Chiarelli, Shuster, Berkower & Co., LLP, on any matter of accounting principles or practices, financial statement disclosures or auditing scope or procedure.
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