Longwei Petroleum (fka LPIH)

[honestengine_rh]

The 8-K is saying that the 2012 and 2011 audited financial tatements are still unqualified, which means that the financial statements were fairly stated all in material respects. This amounts to a clean bill of health and is the highest audit opinion. In addition, Anderson Bradshaw is saying that they saw no problems through May 30, 2013. On May 31, 2013, there was apparently a 'scope limitation' which severed their relationship. A scope limitation could be something as minor as refusing to let the auditor see an invoice or talk to a clerk.

In their 1st quarter 2013 conference call, the Company had communicated to Anderson Bradshaw that they will eventually move on to a Big 4 firm. It appears to be a planned change that was initiated by the Company. If they do not hire a Big 4 firm, I think the Company will go private, like HRBN and FMCN, just recently. BTW, over 30 Chinese companies have left the NASDAQ in order to list elsewhere or go private.

http://www.thestreet.com/story/11937337/1/focus-media-holdings-successfully-exited-the-nasdaq-stock-market-in-a-record-38-billion-acquisition.html