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SEC Turns Its Lethargic Guns on Longtop

WASHINGTON (CN) - The SEC says China-based Longtop Financial Technologies failed to file accurate financial reports this year, and its reports since 2008 cannot be relied upon. The SEC action comes almost 6 months after The New York Times published a story on Longtop under the headline, "The Audacity of Chinese Frauds."

The SEC seeks a hearing on whether to revoke or suspend Longtop's public registration. The Times story described Longtop's financial software business as "a tale of corrupt bankers and their threats to auditors who had learned of the lies."

The SEC action comes more than 2 months after the New York Stock Exchange delisted Longtop.

The company trades its shares over the counter now, though the Times reported in May: "It now seems likely that the stock is worthless."

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