"People must hate chinese stocks. No faith...." > todays victim, or fraud: KUN, Non Reliance on financial statements. THis is by far the worst company news (besides CH.7) one can imagine. Chinese companies are more prone to fraud than companies of any other industrialised country. What started with NTES (and NTES was halted a long time); what goes on with LDK...
8:32AM China Shenghuo delays 10-Q filing for Q2 (KUN) 2.33 : Co announces that the filing of its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2008 would be delayed beyond the filing deadline. This delay is due to a pending internal investigation being conducted by the Audit Committee of the Board of Directors based on preliminary information received from Hansen Barnett & Maxwell, P.C., the independent registered public accounting firm of the Company, regarding errors in the accounting for certain sales representative commission advances and trade receivables, the Company's internal controls, the Company's personnel involved and related matters. The Company currently anticipates that, pending conclusion of the investigation, the Company will restate its financial statements for its fiscal periods ended June 30, September 30, and December 30, 2007 and fiscal quarter ended March 31, 2008, and such financial statements, and the auditors report on such financial statements, should not be relied upon at this time. |
