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China Organic Agriculture (CNOA US)

Year: 2009

Rice and soy bean producer, China Organic Agriculture, listed in the US via a March 2007 reverse merger. Things started to fall apart in July 2009 when the company announced the resignation of its auditor. In November, the company then announced that it financials could no longer be relied upon owing to a number of accounting errors. In January 2010, the company's CFO resigned; in July, its CEO and new auditor resigned; in December, its new CFO resigned...and so on. The company went dark in June 2011. China Organic Agriculture's FY08 and FY09 financials triggered our Fake Cash Flow Fraud and Excess Capital Raising models suggesting traits in line with past frauds. Although the company was never proven to be a fraud, management and auditor changes make it seem highly likely.

Last updated January 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.

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