Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Check last links!!!
Very happy to see this is not dead...yet!!!
Longtop case still alive...
http://ww2.cfo.com/fraud/2014/11/ex-longtop-cfo-blamed-foundation-lies/
We are back on track!!!
http://www.reuters.com/article/2014/11/21/classaction-longtop-verdict-idUSL2N0TB1TY20141121
Not that I know of. It could eventually come but at the moment our first target is DTT...
Good news for us BTW...don't write this off yet...
http://online.wsj.com/news/articles/SB10001424052702303932504579253891522138478
Glad to see the current board activity on LFT.
Any liability earned by Goldman Sacks? If I recall, they managed or at least were partners in the IPO, perhaps more transparency and accountability should be called for from Underwriters and Bankers as well.
The SEC may already have gained access to the Longtop audit reports by Deloitte.
Audit companies have safeguards (LLPs); remember Arthur Andersen. The liability of DTT China may not be transferrable to the US parent.
Question for the board - if the SEC succeeds in getting access to Deloitte's records, and they ultimately imply/suggest/prove that Deloitte's China subsidiary was guilty of misfeasance or malfeasance, would US investors be able to recover anything by means of a class action against Deloitte in the US?
If guilty, does guilt transfer from China subsidiary to the US parent? Could anyone here collect anything?
This is more intellectual curiosity more than anything else. I am not a big fan of class actions as if they do succeed in proving a defendant guilty (big IF) and in enforcing a collectable judgement against that defendant (even bigger IF) they are, at best and with all the maybes, too little too late.
I do think that if a collectable judgement was rendered against Deloitte that this might be the best way to get transparency from Chinese companies listed here. If the US parent had to pay up for its China subsidiary not applying US standards, then to avoid further liability all auditors would either apply those standards or make it clear that they were in fact auditing to a less stringent standard in China.
A Chinese company could allow its auditors to audit to either a full US or lesser standard, but it would be clear which was used (the auditor would disclose this in SEC filings) and those companies allowing audits to only the less stringent standard would be discounted accordingly.
No, we may get a compensation...
No it won´t, but we may get compensation...
THanks a lot...this is really huge news...but will China do somenthing about this?
WAI CHAU LIN Pay Up $882 million to Shareholders and save face
News July 16, 2013 ... Now, for the first time, China's securities regulator has agreed to turn over audit ... over audit papers related to Deloitte's work for Longtop Financial Technologies Ltd., a now-defunct U.S.-listed Chinese software company
can trade the stock again after court revoked.
regards
do you think trading will start soon?
www.law.com/corporatecounsel/PubArticleCC.jsp?id=1202610910153&China_and_SEC_Reach_Agreement_on_Deloitte_Audit_Docs&slreturn=20130616064412
http://dealbook.nytimes.com/2013/05/24/an-agreement-opens-some-chinese-audit-papers-to-the-u-s/
An Agreement Opens Some Chinese Audit Papers to the U.S.
BY FLOYD NORRIS
Philip Scott Andrews/The New York Times
James R. Doty of the Public Company Accounting Oversight Board, center, called the deal important to investors’ interests.
Accounting regulators in the United States and China announced on Friday in Beijing that they had reached an understanding that could give American fraud investigators access to work papers of Chinese audit firms. Until now, American efforts to see such papers have been rejected.
The memorandum of understanding was signed by the China Securities Regulatory Commission and the Ministry of Finance for China, and by the Public Company Accounting Oversight Board for the United States.
“This agreement with China is an important step toward cross-border enforcement cooperation that is necessary to protect the interests of investors in U.S. capital markets,” said James R. Doty, the chairman of the American group.
Whether the agreement will result in more cooperation remains to be seen, however. China retained the right to reject requests if they violated Chinese law or “essential national interest.”
In addition, the agreement covers only enforcement actions, not routine inspections of audit firms.
In an interview, Mr. Doty called the agreement “the culmination of years of effort” and voiced hope that progress could be made this year on arranging joint inspections of Chinese audit firms by the two countries. He said it could lead to cooperation that would be equal to that now provided by European authorities.
Under the Sarbanes-Oxley Act passed in 2002, accounting firms that are involved in the auditing of companies whose securities are sold to the public in the United States must register with the American board and submit to inspections by it. Many Chinese firms have registered, but no inspections have taken place. In addition, the Securities and Exchange Commission has sought work papers from Chinese audit firms as it investigated a string of frauds but has been turned down because the firms said they would be violating Chinese law if they turned over the papers.
Mr. Doty said that the inspectors from his board had been able to “observe the quality control reviews” of Chinese firms, made by Chinese regulators, but had not been able to observe reviews of actual audits.
Under the new memorandum, he said, if the board is investigating a potential fraud, it will be able to ask for papers from the Chinese audit firm through the Chinese regulators. The securities commission regulates the larger firms, but many smaller ones are regulated by the finance ministry. The regulator would then decide whether to forward them to the American inspectors.
If such papers are supplied to the United States board, they could then be obtained by the S.E.C. But the board cannot investigate other types of violations of securities laws, like insider trading, and therefore could not seek documents related to other investigations.
The American board has the power to revoke the registrations of firms that cannot be inspected, but it has not chosen to do so with overseas auditors and probably would not do so without approval of the Treasury Department. Mr. Doty said that such an action had not been ruled out, however, if additional progress was not made.
A version of this article appeared in print on 05/24/2013, on page B7 of the NewYork edition with the headline: A Deal Opens Some Chinese Audit Papers to the U.S..
Thanks for the reply. I have ameritrade & my shares are still listed but with zero value.
Which broker are your shares with ?
Also did the "increased amount" come out to 72.5 cents/share ?
Yes, the same exact instance happened with me as well.
My balance increased by many thousands of dollars, yet LGFTY isnt listed in my portfolio (even though i still own shares).
I too was quite perplexed but didnt call my broker about it.
I just took a SCREENSHOT of the balance so I could look back upon it and dream.....
I have this stock in two different ameritrade accounts & noticed for the last week that both of these accounts increased by 72.5 cents/share, but indicated no value in the balance section -or- explained where the extra $ came from. This increased balance on both accounts showed for about one week until 4/26/13, which is when it disappeared. Anyone else see this in their accounts & may know a reason for it ?
if LFGTY would straighten out the books we could trade again and we would run like the wind look at all the chinese stocks runnin come on longtop management wherever you are do the right thing come back to america and save face
(Reuters) - U.S. securities regulators faltered at times in federal court on Wednesday as they sought to convince a judge to force a Chinese unit of audit firm Deloitte to hand over documents in connection with a fraud investigation
Is it even remotely possible that LGFTY will EVER be allowed to trade on a U.S. listed exchange?
Isnt this stock deregistered ?
new news for longtop
Deloitte opposes SEC move to restart China audit paper case
1/8/2013COMMENTS (0)
By Rachel Armstrong
Jan 8 (Reuters) - Accounting giant Deloitte has asked a federal judge to reject a request from the U.S. securities regulator to resume a court case in which it is trying to force the auditor to hand over work papers from its audit of an allegedly fraudulent Chinese IT company.
The move is the latest in a standoff between the Securities and Exchange Commission (SEC) and audit firms over access to accounting documents of U.S.-listed Chinese companies suspected of fraud.
The SEC wants Deloitte to supply documents relating to its a udit of Longtop Financial Technologies Ltd but the auditor says it is barred from doing so by Chinese secrecy laws.
My etrade mobile does the same thing, it's not trading though
Hey Cici..we all got burnt...if you hear anything good, let us know!
hmmm i have 20k of this POS.
Can you do a screenshot? My account still shows zero. Thank you.
why the shares i own of this dog, showing like they trading at my e trade account today at $9.89//WTF.. [/b)
Updates on the class action lawsuit against Longtop Financial Technologies:
http://www.americanlawyer.com/digestTAL.jsp?id=1202578672977&slreturn=20121018143157
http://www.chinaaccountingblog.com/weblog/deloitte-dodges-a-bullet.html
thank you for your DD.
I hope you're right but I fear it's too optimistic.
Do you have some arguments to support your opinion?
Several months ago I wrote to Andrew Left, asking for his "final word" on Longtop and he replyed so:
who said that U.S. were defrauded. wait two months more you will see lftgy trading again. IMO.
Look at this:
I will be curious to see how this is resolved (if it ever actually is resolved) since this has sort of become the posterchild for Chinese stock scams. It seems like a good sign that the company was sold, at least that implies it was worth something.
Nop, not in this case...Read court filings... Sec cannot get hold of the Chinese executives.
If the company was sold, does that mean we will get some of our money back if that is the case?
The last thing what I found was this article http://www.cnies.com/en/news_con.aspx?id=3589
Hmmm, this is interesting the content has been deleted, I contacted them couple months ago never got a reply.
Biatches!!!!
I tried a couple of searches and got most of the same articles that come up on google in English.
If anybody out there has links to actual business updates for Longtop since the end of 2011, please post it. I've been searching for months and have found no updates at all.
Via Google China, HK or Baidu.
Conduct your search in Chinese then click on translate the page.
Where do you find updates on their actual business activities? I haven't been able to find any decent details online.
Followers
|
43
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
9090
|
Created
|
08/17/11
|
Type
|
Free
|
Moderators |
Cooperation: Customers' trust in our business is an engine for growth
Customers' trust is the engine of our growth. Our customer base consists of domestic and international financial institutions as well as large-scale enterprises and government organizations in China. Through more than a decade of dedicated effort, we have established close relationships with customers such as national banks, policy banks, joint-stock banks, city commercial banks, insurance companies, large-scale enterprises and North American financial institutions.
National Banks/Policy Banks
-China Construction Bank (CCB)
-Bank of China (BOC)
-Agricultural Bank of China (ABC)
-China Development Bank
-Export-Import Bank of China
-Agricultural Development Bank of China
Joint-stock Banks and Small and Medium Banks
-Industrial Bank
-China Everbright Bank
-CITIC Bank
-China Minsheng Bank
-Guangdong Development Bank
-Bohai Bank
-China Merchants Bank
-China Zheshang Bank
-Hua Xia Bank
-Shenzhen Development Bank
-Shanghai Pudong Development Bank
-Bank of Communications
-Postal Savings Bank of China
Insurance/Securities
-China Pacific Insurance
-China Life Insurance
-People's Insurance Company of China
-Taikang Life Insurance
-New China Life Insurance
-Ping An Insurance
-Great Wall Life Insurance
-CNinsure Inc.
-Pacific-Antai Life Insurance
-Huatai Property Insurance
-Anbang Property Insurance
-Industrial Securities
-Huaxia Fund
Large-scale Enterprises
-China National Tobacco Corporation
-China Petroleum & Chemical Corporation
-State Grid Corporation of China
-China National Offshore Oil Corporation
-Haier Group
-Huawei Technologies Co.
-Hongda Electric Group
International Customers
-KBANK
-SCB
-JP Morgan
-Microsoft
-TRANE
-American Standard
-UNDP
-Autodata Solutions
-ESI
-Audacious Inquiry
-Erickson
-AVVO
-Putnam Technical Group
-Loblaw
-Stargate Cyberactive
-Xchange business solutions
Our Customers
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |