Chinese mining equipment company Joy Global listed in the US via a 2001 reverse merger. In 2011, the company acquired a controlling stake in International Mining Machinery Holdings (IMMH) for US$1.4bn. In January 2013, a blogger likened the acquisition to Caterpillar's disastrous acquisition of ERA Holdings which turned out to be a fraud. This was followed by a more comprehensive report from Anonymous Analytics in April. The reports had little impact on the company's share price. In April 2017, Joy Global  was acquired by Komatsu for US$3.7bn. The fraud allegations were not proven.

Last updated March 2022

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