Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Monday, May 27, 2024 | Back issues
Courthouse News Service Courthouse News Service

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."

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.