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Orsus Xelent Technologies Inc. (ORSX US)

Year: 2010

Chinese mobile phone manufacturer Orsus listed on the US OTC by way of a 2005 reverse merger, upgrading to the NYSE in May 2007. The first sign of trouble appeared in October 2008 with a precipitous share price decline and the resignation of auditors Mazars. The company's CEO resigned in March 2009, a few weeks before reporting disappointing FY08 results. In August 2009, its new auditors resigned, followed by the company's CFO. In November, the company reported very disappointing financials with revenues and profits collapsing. In May 2010, short-seller GeoInvesting reported that it had gone short the company with a subsequent report in June 2011 alleging that the company was a fraud. Orsus' financials had traits similar ro past frauds although it was never confirmed.

Last updated February 2022

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