Library

Materials

Keyuan Petrochemicals (KEYP US)

Year: 2011

Keyuan Petrochemicals was the result of an April 2010 reverse merger which listed on the NASDAQ in September 2010. Unbeknownst to investors, in March 2011, auditors KPMG identified a large number of undisclosed related party transactions which it brought to the attention of the audit committee. In April, the company announced a delay in the publication of its FY10 financials and its shares were suspended. KPMG resigned in May, the SEC opened an investigation in September and its CFO resigned in October. The SEC successfully prosecuted various Keyuan officers for fraud in 2013. The company appeared to be running losses off-balance sheet, thereby inflating reported profits. Keyuan was taken private in 2016.

Last updated August 2021

The information on this page has been compiled from publicly available sources. GMT Research Limited has not verified the information and does not warrant its accuracy. Any claims made or views expressed are not necessarily those of GMT Research Limited.

lock03 Read More

Back