Marbridge Daily

<- August 30, 2011 ->

SEC Recommends Legal Action Against Longtop

SEC, 8/29/11

The United States Securities and Exchange Commission (SEC) has issued a Wells Notice to recently delisted Chinese financial services software developer Longtop (LGFTY.PK) stating that the SEC has recommended legal action against Longtop. The SEC alleges Longtop violated Section 13(a) of the Securities Exchange Act of 1934, citing Longtop's announcement in May that due to the resignation of its external auditor, Deloitte Touche Tohmatsu, the financial statements contained in the company's annual reports on Form 20-F filed with the SEC in 2008, 2009, and 2010 are now considered unaudited and the company does not have any reports with current reliable financial information available to the investing public.

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