China Integrated Energy (CBEH) was a reverse merger which listed on the NASDAQ in June 2009, raising US$33m through a private placement in September. Just over a year later, in December 2010, short-seller Spruce Point Capital issued a report alluding to fraud. This was followed by a second report on 16 March 2011 (Sinclair Upton Research) and a third on 28th (Alfred Little). These latter two reports prompted a more than 80% collapse in the company's share price, leading to the resignation of directors, the CFO and auditor (which withdrew its opinion of past financials). The company was delisted from the NASDAQ in June 2011 and its listing was revoked in 2014.

Last updated August 2021

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