Nova Group (formerly Mega Expo) was attacked by short-seller Blue Orca in May 2019 alleging fraud, causing its shares to fall by 50%. In October 2019, Nova managed to publish its audited June FY19 financial statements although its independent auditors, HLM CPA, qualified the accounts. The audit committee sided with management, possibly averting further regulatory action. In May 2020, Nova's share price collapsed 82% in a day, possibly stemming from the sale of pledged shares to cover margin loans. Although Blue Orca's fraud allegations remain unproven, Nova's financials have traits in line with past frauds. 

Last updated September 2021

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