Longtop Investors Awarded $882M In Auditing Fraud Action

Law360, Los Angeles (November 14, 2013, 8:23 PM EST) -- A New York federal judge sided against Longtop Financial Technologies Ltd. and its CEO on Thursday, awarding $882 million to a class of investors who accused the Hong Kong-based financial services software developer of exaggerating the size of its profit margins.

U.S. District Judge Shira A. Scheindlin found that Longtop and Wai Chau Lin didn't answer or otherwise respond to the consolidated class action filed in November 2011. She thus granted the $882 million award plus interest to shareholders who bought Longtop stock between Feb. 21,...
To view the full article, register now.