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Longtop Shares Plummet on Fraud Allegations

iMeigu, 4/28/11

Shares of Chinese financial services software developer Longtop (NYSE: LFT) fell 20.28% yesterday to close at USD 17.73, with trading volume reaching 12.3 mln shares following a report from Citron Research alleging the company falsified its financial statements. The report claims that Longtop exaggerated profit margins by shifting its staffing expenses to a supposed independent company, and that the company founders engaged in unfair competitive practices in their previous business venture, and conducted a number of non-transparent management transactions.

To view Citron Research's report, please click here.

Keywords: fiscal report scandal software Longtop LFT IT services

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