Chinese fishing company Pingtan Marine was the product of a February 2013 reverse merger. Just over a year later, in June 2014, the company was the target of a report on SeekingAlpha which raised concerns over governance and related party transactions. This prompted an 80% share price collapse from which it has never fully recovered. In September 2014, Pingtan's auditor resigned and it then restated financials between FY12 and 1H14, although the impact on profit was marginally positive. A subsequent class action was dismissed in July 2016. Pingtan was then attacked in a second report, in May 2017, this time by short-seller Marcus Aurelius Value which alleged fraud. In 2019, a class action suit relating to this report was dismissed. The allegations against Pingtan remain unproven.

Last updated March 2022

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