Marbridge Daily

<- April 05, 2012 ->

Qihoo 360 Denies Fraud Allegations

PR Newswire Asia, 4/04/12

Chinese Internet services and security software provider Qihoo 360 (NYSE: QIHU) has released a statement "strongly rejecting" allegations of fraud and re-affirming its commitment to increasing transparency in its financial reporting. The company has announced that it will take any legal measures necessary to protect the interests of its shareholders and to defend itself against attempts to manipulate its stock prices.

Editor's note: Qihoo 360's response comes on the heels of a Forbes article written on April 2 by Richard Pearson, who mentions Qihoo 360 as one of Deloitte's Chinese clients recently accused of fraud. The article centers on a discussion of difficulties faced by Deloitte during the auditing process, due to a lack of transparency when it comes to Chinese companies whose revenue is primarily derived from advertising. Pearson's article alludes to reports released over the past several months by Deloitte-watch and Citron, which detail Qihoo 360's potentially fraudulent activities. The reports can be found here and here.

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