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Phoslock Environmental Technologies Ltd (PET AU)

Year: 2020

Australian water purification services company Phoslock Environmental Technologies (PET) listed on the Australian Stock Exchange in August 2002. Deteriorating financial performance owing to flooding in China and COVID let to a more than 70% share price decline in the first nine months of 2020. In September 2020, PET requested a share suspension owing to the outcome of an ongoing independent investigation into accounting irregularities concerning its Chinese operations. Later that month, the company's chairman and a non-executive director resigned. A subsequent forensic investigation revealed that the company had inflated profits and sales, while funds had been embezzled. PET is a confirmed fraud.

Last updated July 2022.

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