China MediaExpress (CME) was a reverse merger which listed on the New York Stock Exchange (NYSE) in October 2009. It was first targeted by short-seller Bronte Capital in November 2010 which questioned its unusually high level of profitability. In January 2011, Citron Research joined the fray, alleging fraud. Finally, Muddy Waters was the third short-seller to target the company, releasing a report that also alleged fraud in February 2011, prompting a sharp decline in CME's share price. On 11 March, CME's independent auditor Deloitte resigned, effectively confirming the fraud. In May 2011, CME was delisted from the NASDAQ and its shares were deregistered in March 2012.

Last updated August 2021

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