Longtop CFO Jumps Ship As SEC Launches Probe

Law360, New York (May 23, 2011, 1:55 PM EDT) -- Hong Kong-based banking software maker Longtop Financial Technologies Ltd. announced Monday that the U.S. Securities and Exchange Commission was conducting an investigation into its financial records and that the company's independent auditor and chief financial officer had both resigned.

Longtop has been under a cloud since an April 26 report from Citron Research raised serious questions about its accounting and financial statements starting from its October 2007 initial public offering to the current period.

“It is the opinion of Citron that every financial statement from its...
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