Ex-Longtop Exec Found Liable In Rare Class Action Trial
Law360, New York (November 21, 2014, 3:20 PM EST) -- A New York federal jury on Friday found a former Longtop Financial Technologies Ltd. executive liable for recklessly making misstatements about the Chinese software company’s financial health, marking a victory for investors in a rare class action trial.
The eight-member jury ruled against Longtop's former Chief Financial Officer Derek Palaschuk, who served from 2006 to May 2011, when the company’s auditor Deloitte resigned and Longtop CEO Wai Chau Lin confessed to widespread accounting fraud. A judge hit Longtop and Lin with an $882 million default judgment in November 2013 after the defendants failed to respond to the allegations. Palaschuk has denied...
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