China Medical Technologies (CMED) listed on the NASDAQ in August 2005. On 30 July 2009, the company announced that its audit committee had received an anonymous letter some months back, alleging fraud; however, the independent internal investigation found nothing untoward. On 7 August 2009, KPMG resigned to be replaced by PricewaterhouseCoopers (PwC). On 5 December 2011, short-seller Glaucus Research published a report alleging embezzlement. On 14 December 2011, CMED announced a debt restructuring and then defaulted with a winding up petition submitted in August 2012. CMED delisted from the NASDAQ in March 2012 and had its listing revoked in November. In March 2017, management was charged with stealing more than US$400m from investors, although this amount was subsequently raised to US$650m. 

Last updated August 2021 

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