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China Medicine Corporation (CHME US)

Year: 2011

Chinese Pharmaceutical company, China Medicine, listed io the US via a 2006 reverse merger. In February 2010, the company's independent auditor declined to be reappointed. The next month, in March, the company announced that its financial statements from FY08 to 3Q10 could no longer be relied upon, leading to a share price collapse. The company is a confirmed fraud which was faking profits and likely hiding the evidence in receivables and fixed assets.

Last updated February 2022

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