Longwei Petroleum Investment (LPIH US)

Year: 2013

Last Updated: 6 Nov, 2021

Fuel storage and distribution company, Longwei Petroleum, listed on the New York Stock Exchange (NYSE) via reverse takeover in June 2010. Three years later, in January 2013, it was attacked by short-seller GeoInvesting alleging fraud, resulting in a collapse of its share price. Later that month, two independent directors resigned, one of which cited the board's refusal to conduct an independent investigation. In February, the company announced that it was unable to file its results in a timely manner and appears to have gone dark. The SEC filed charges against the company and its CFO for making false statements. The company's FY12 financials trigger our Fake Cash Flow Fraud model. It is a confirmed fraud. 

Updated November 2021

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