SEC Says Chinese Cos. Misled Investors Over Offerings

Law360, Los Angeles (July 22, 2013, 10:48 PM ET) -- The U.S. Securities and Exchange Commission on Monday sued electronics companies China Intelligent Lighting and Electronics Inc. and NIVS IntelliMedia Technology Group Inc. for allegedly misleading investors about the use of $29 million from public offerings and covering up the alleged fraud by falsifying records.

According to the complaint filed in New York federal court, China Intelligent, NIVS and their chief executive officers told investors they would use the net proceeds from 2010 public offerings for various projects and corporate expenses but instead diverted the funds to...
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