Longtop Financial Technologies Ltd.(fka LFTGY)

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Pegaso

01/24/15 2:53 PM

Post #9,089

Re: #9,080: @yip - Glad to see the current board activity on LFT.

Check last links!!!

Pegaso

01/24/15 2:52 PM

Post #9,088

Very happy to see this is not dead...yet!!!

Pegaso

01/24/15 2:50 PM

Post #9,087

Damages to be paid!!!

http://www.reuters.com/article/2014/11/24/us-classaction-longtop-verdict-idUSKCN0J829L20141124

Pegaso

01/24/15 2:49 PM

Post #9,086

Good news!!!

http://www.litigationdaily.com/id=1202677462581/Weight-of-Longtop-Investor-Case-Falls-on-ExCFO?slreturn=20150024144549

Pegaso

01/24/15 2:48 PM

Post #9,085

Longtop case still alive...

http://ww2.cfo.com/fraud/2014/11/ex-longtop-cfo-blamed-foundation-lies/

Pegaso

01/24/15 2:46 PM

Post #9,084

We are back on track!!!

http://www.reuters.com/article/2014/11/21/classaction-longtop-verdict-idUSL2N0TB1TY20141121

yppy

03/31/14 2:57 PM

Post #9,083

http://www.reuters.com/article/2014/01/27/court-sec-deloitte-idUSL2N0L11PX20140127

Pegaso

01/03/14 9:32 AM

Post #9,082

Re: #9,080: @yip - Glad to see the current board activity on LFT.

Another link of interest...

http://www.fortunechina.com/column/c/2013-12/19/content_188158.htm

Pegaso

01/03/14 9:31 AM

Post #9,081

Re: #9,080: @yip - Glad to see the current board activity on LFT.

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

yip

01/03/14 6:35 AM

Post #9,080

Re: #9,079: @Pegaso - The SEC may already have gained access to

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.

Pegaso

01/01/14 6:33 AM

Post #9,079

Re: #9,078: @nsomniyak - Question for the board - if the SEC

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.

nsomniyak

12/30/13 9:55 PM

Post #9,078

Re: #9,077: @Pegaso - http://www.youngchinabiz.com/en/sec-closes-in-on-deloitte-china/

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.

Pegaso

12/29/13 11:27 AM

Post #9,077

http://www.youngchinabiz.com/en/sec-closes-in-on-deloitte-china/

Pegaso

12/29/13 10:48 AM

Post #9,076

Re: #9,059: @Smilin_B - Is it even remotely possible that LGFTY will

No, we may get a compensation...

Pegaso

12/29/13 10:47 AM

Post #9,075

Re: #9,068: @cicimici83 - do you think trading will start soon?

No it won´t, but we may get compensation...

Pegaso

12/29/13 10:46 AM

Post #9,074

Re: #9,071: @ahhala - BIG NEWS

More on this matter...

http://www.dandodiary.com/2013/11/articles/securities-litigation/shareholders-obtain-882-million-default-judgment-in-longtop-financial-securities-suit/

Pegaso

12/26/13 2:38 PM

Post #9,073

Re: #9,071: @ahhala - BIG NEWS

THanks a lot...this is really huge news...but will China do somenthing about this?

yppy

12/03/13 12:38 PM

Post #9,072

Re: #9,071: @ahhala - BIG NEWS

WAI CHAU LIN Pay Up $882 million to Shareholders and save face

ahhala

11/29/13 6:08 PM

Post #9,071

Re: #9,070: @ahhala - News July 16, 2013 ... Now, for the

BIG NEWS

http://www.securitiesdocket.com/2013/11/20/shareholders-obtain-882-million-default-judgment-in-longtop-financial-securities-suit-the-d-o-diary/

ahhala

07/22/13 2:12 AM

Post #9,070

Re: #9,069: @ahhala - can trade the stock again after court revoked.

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

ahhala

07/19/13 3:02 AM

Post #9,069

Re: #9,068: @cicimici83 - do you think trading will start soon?

can trade the stock again after court revoked.

regards

cicimici83 Free

07/16/13 10:31 AM

Post #9,068

Re: #9,067: @payup1 - www.law.com/corporatecounsel/PubArticleCC.jsp?id=1202610910153&China_and_SEC

do you think trading will start soon?

payup1

07/16/13 6:46 AM

Post #9,067

www.law.com/corporatecounsel/PubArticleCC.jsp?id=1202610910153&China_and_SEC_Reach_Agreement_on_Deloitte_Audit_Docs&slreturn=20130616064412

Texas bear Free

07/11/13 11:14 PM

Post #9,066

http://www.reuters.com/article/2013/07/12/us-china-accounting-idUSL1N0FH2F620130712?feedType=RSS&feedName=financialsSector&rpc=43

payup1

05/24/13 10:30 PM

Post #9,065

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..

dougem

04/29/13 6:29 AM

Post #9,064

Re: #9,063: @Smilin_B - Yes, the same exact instance happened with me

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 ?

Smilin_B

04/28/13 9:04 PM

Post #9,063

Re: #9,062: @dougem - I have this stock in two different ameritrade

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.....

dougem

04/28/13 3:07 PM

Post #9,062

Re: #9,061: @yppy - if LFGTY would straighten out the books we

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 ?

yppy

03/19/13 12:30 PM

Post #9,061

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

ahhala

03/14/13 9:47 PM

Post #9,060

(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

Smilin_B

01/08/13 6:40 PM

Post #9,059

Re: #9,057: @bhonda - My etrade mobile does the same thing, it's

Is it even remotely possible that LGFTY will EVER be allowed to trade on a U.S. listed exchange?

Isnt this stock deregistered ?

ahhala

01/08/13 4:42 PM

Post #9,058

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.

bhonda

12/04/12 8:28 PM

Post #9,057

Re: #9,052: @payup1 - why the shares i own of this dog,

My etrade mobile does the same thing, it's not trading though

ahhala

12/04/12 7:40 PM

Post #9,056

Re: #9,055: @Kymmer - Hey Cici..we all got burnt...if you hear anything

last news

http://www.sec.gov/news/press/2012/2012-249.htm

Kymmer

12/04/12 6:34 PM

Post #9,055

Re: #9,054: @cicimici83 - hmmm i have 20k of this POS.

Hey Cici..we all got burnt...if you hear anything good, let us know!

cicimici83 Free

12/04/12 6:28 PM

Post #9,054

Re: #9,052: @payup1 - why the shares i own of this dog,

hmmm i have 20k of this POS.

Kymmer

12/04/12 6:28 PM

Post #9,053

Re: #9,052: @payup1 - why the shares i own of this dog,

Can you do a screenshot? My account still shows zero. Thank you.

payup1

12/04/12 5:18 PM

Post #9,052

why the shares i own of this dog, showing like they trading at my e trade account today at $9.89//WTF.. [/b)

Stavisky

11/18/12 2:32 PM

Post #9,051

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

NHNMx

10/23/12 12:16 PM

Post #9,050

Re: #9,049: @Stavisky - I hope you're right but I fear it's

thank you for your DD.

Stavisky

10/23/12 4:17 AM

Post #9,049

Re: #9,048: @cicimici83 - who said that U.S. were defrauded. wait two

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:

that is a great question and it only shows how diffucult investing in China is. In fact Longtop still has a business and with employees and contracts. Yet, management has decided to "steal" the business and no one can do anything about it. It is crazy.

cicimici83 Free

10/22/12 7:42 PM

Post #9,048

Re: #9,047: @Stavisky - Look at this:

who said that U.S. were defrauded. wait two months more you will see lftgy trading again. IMO.

Stavisky

10/22/12 4:28 PM

Post #9,047

Look at this:

TechNavio's research report, the Banking IT Market in China 2011-2015, has been prepared based on an in-depth market analysis with inputs from industry experts. The report focuses on China.
[..]
The report also includes a discussion of the key vendors operating in this market.

Key vendors dominating this market space include Longtop Financial Technologies Ltd., IBM Corp., Yucheng Technology Ltd., and Digital China Holdings Ltd.

http://finance.yahoo.com/news/banking-market-china-2011-2015-120800810.html;_ylt=A2KJ3CVeqYVQmlsAjqWTmYlQ

The report is dated Oct. 9, 2012. If the report is correct, that means that Longtop is still active in China, while in the U.S. (and in the rest of the world) investors were totally defrauded.

VinnyFuccahucci Free

08/03/12 8:18 PM

Post #9,046

Re: #9,045: @NHNMx - Nop, not in this case...Read court filings... Sec

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.

NHNMx

08/02/12 12:00 PM

Post #9,045

Re: #9,044: @DCornerStone - If the company was sold, does that mean

Nop, not in this case...Read court filings... Sec cannot get hold of the Chinese executives.

DCornerStone Free

08/01/12 11:52 AM

Post #9,044

Re: #9,043: @NHNMx - The last thing what I found was this

If the company was sold, does that mean we will get some of our money back if that is the case?

NHNMx

07/25/12 9:12 PM

Post #9,043

Re: #9,042: @JerichoJackson - I tried a couple of searches and got

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!!!!

JerichoJackson Free

07/25/12 8:57 PM

Post #9,042

Re: #9,041: @NHNMx - Via Google China, HK or Baidu.

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.

NHNMx

07/25/12 7:48 PM

Post #9,041

Re: #9,040: @JerichoJackson - Where do you find updates on their actual

Via Google China, HK or Baidu.
Conduct your search in Chinese then click on translate the page.

JerichoJackson Free

07/25/12 3:30 PM

Post #9,040

Re: #9,039: @NHNMx - You never know....though they sold some divisions in China.

Where do you find updates on their actual business activities? I haven't been able to find any decent details online.

Older Newer

Longtop Financial Technologies Ltd.(fka LFTGY)

Followers	43	Posters	286
Posts (Today)	0	Posts (Total)	9090
Created	08/17/11	Type	Free
Moderators

LGFTY Company Overview
Company Contact
Headquarters: 15/F, Block A, Chuangxin Bldg
Software Park
361005 Xiamen
HKG
Web Address:
http://www.longtop.com/
http://www.longtopgs.com/ >>> (New website discovered)

Longtop Financial Technologies Limited (Longtop Cayman) together with its subsidiaries provides a range of software solutions and services to the financial institutions in the People's Republic of China (PRC), including the development, licensing and support of software solutions, the provision of maintenance, support, and other services, and system integration services related to the procurement and sale of third party hardware and software. The software solutions provided by the Company are classified into four categories: channel, business, management and business intelligence. The Company also provides other services, such as automated teller machine (ATM) maintenance, system integration and other information technology (IT) and technology related services, to its clients.

Introduction

Longtop Inc.(NYSE:LFT)，the first Chinese software company listed on the New York Stock Exchange, is a leading software development and solutions provider targeting the rapidly growing financial services industry in China.

Longtop is an important partner to its customers in the Chinese financial services sector. We develop and deliver a comprehensive range of software applications and solutions with a focus on meeting the increasing IT needs of financial services institutions in China.

Longtop's market leadership has received wide recognition. The American Banker newspaper and Financial Insights, an IDC company, have named Longtop the highest ranked Chinese financial technology provider in the worldwide 2009 and 2010 Fintech 100 lists. Furthermore, independent research firm IDC has named Longtop the No.1 market share leader in China's Banking IT solution market and the No.2 market share leader in China's Insurance IT solution market in calendar years 2008 and 2009. These No. 1 and No. 2 rankings are a strong endorsement of our winning track record in delivering high quality IT solutions to our customers, and our success in diversifying our business model as we are the only IT service provider in China that is in the top ten for both banking and insurance verticals.

We believe we are well positioned to serve the evolving needs of our clients and capitalize on the growth opportunities in China's financial services IT market. Our software solutions cover the major categories of information technology requirements for financial institutions in China: channel-related solutions, business-related solutions, management-related solutions and other value-added solutions. We provide both custom-designed and standardized software solutions that are integrated into our clients'' IT infrastructure. In January 2010, we achieved Capability Maturity Model Integration (CMMI) Level 5 Certification for software development, the highest rating possible under the globally recognized Software Engineering Institute (SEI) standard.

Our clients are primarily the leading banks in China. We have extensive client relationships with three of the four largest state-controlled national banks, or Big Four Banks, namely China Construction Bank, Agricultural Bank of China and Bank of China, and have been selected by Agricultural Bank of China as its preferred strategic IT services partner. In recent years, we have also provided services to most of the 13 national commercial banks, China Postal Savings Bank, leading city commercial banks in China, and two of the largest life insurance companies in China, namely, New China Life Insurance and China Pacific Insurance Group.

Longtop was founded in 1996 by Xiaogong Jia, Chairman, and Weizhou Lian, CEO, as a system integration company focusing on the financial services industry in China. It made the transition to a software and solutions provider in 2001.

Headquartered in Beijing, Longtop today has six solution delivery centers, three research and development centers, and 84 ATM service centers located in 27 out of 31 provinces in China. We have sales offices in Xiamen, Beijing, Shanghai and Guangzhou. As of March 31, 2010, we had 4,258 employees in China. Longtop is listed on the New York Stock Exchange under the "LFT" ticker symbol, and is included in the Russell Global Index.

Our Customers

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

http://www.longtopgs.com/Customers%20&%20Partners.html

Seattle Office
2700 156th Ave NE Suite 225
Bellevue, WA 98007
Phone: 1-425-748-5128
Fax: 1-425-696-9222
Email: sales@longtopgs.com
Email: resume@longtopgs.com
URL: www.longtopgs.com

Toronto