Delisting Woes Continue To Hit China Pharma Companies
This article was originally published in PharmAsia News
American Stock Exchange-listed Shenghuo Pharmaceutical Holdings is facing potential delisting proceedings because of its inability to provide Q2 2008 financial reports on schedule. Initial statements showed accounting errors in representative commission advances and trade receivables, which implicated the company's employees and internal controls. Shenghuo and its directors have been sued by an American law firm for the violation of the U.S. Securities Exchange Act. In response, the company has set up an internal audit committee to examine its finances and has declined comment until results are released Nov. 19. Analysts observe that in the rush to go public, many firms in China have encountered delisting woes due to their lack of solid grounding and preparation for such an undertaking. (Click here for more - Chinese Language)
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