SEC To Target Longtop Over Shoddy Auditing

Law360, New York (August 29, 2011, 3:15 PM EDT) -- Longtop Financial Technologies Ltd., the delisted Chinese software developer that went public in 2007 in an offering coordinated by Goldman Sachs Asia LLC, announced Monday that securities regulators were planning to take action against it for faulty auditing.

Longtop CEO Wai Chau Lin said in a filing with the U.S. Securities and Exchange Commission that the company had received a Wells Notice on Aug. 19 indicating that the Xiamen, China-based company, which already faces at least one civil fraud investor class action, would likely be sued...
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