According to the Wall St Journal the Securities and Exchange Commission suspended trading Friday in a Chinese company that made news earlier this year when it allegedly directed its auditors to a fake website as they tried to verify its bank balances.
The SEC's 10-day trading halt in China-Biotics Inc., a Shanghai-based maker of food-supplement products, is the latest action against U.S.-traded Chinese companies that have faced criticism over their accounting and disclosure practices.
The commission said it suspended trading in China-Biotics because of "a lack of current and accurate information" on the company, which hasn't filed required quarterly or annual reports with the SEC since February. In addition, the SEC filed an administrative proceeding against the company Friday over its delinquent filings. China-Biotics is the sixth Chinese company in which the SEC has suspended trading this year…
Read more at http://online.wsj.com/article/SB10001424052970204294504576617210287567804.html?mod=WSJ_business_whatsNews
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