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China Shen Zhou Mining & Resources (CSHZ US)

Year: 2011

China Shen Zhou Mining & Resources (CSZM) was the product of a reverse merger which listed on the NASDAQ in January 2008. It raised US$20m through an additional offering in January 2011. Two months later, in March 2011, short-seller Absaroka Capital released a report alleging fraud. On 16 April 2013, the company announced it would be unable to file its FY12 annual report on time due to ongoing discussions with the SEC concerning the accounting treatment for certain costs incurred at its mines. While no charges appear to have been laid regarding financial misrepresentation, it is possible that the SEC could not find enough evidence. However, it subsequently charged 28 employees and shareholders of the company for failing to promptly report insider holdings and transactions. 

Last updated August 2021

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