Jiangbo came into existence as a US corporation in 2007 when its Chinese operational arm, Laiyang Jiangbo, executed a reverse merger with a Florida shell company. The day-to-day operations of Jiangbo’s pharmaceutical business remained in China.
The shares commenced trading on NASDAQ in June 2010, but by December 2010 the SEC had started a non-public investigation into the company. In May 2011, Jiangbo disclosed it was under SEC investigation and that it had defaulted on a relatively small principal payment. Trading was suspended end May 2011.
During its brief listed history, filing to the SEC showed cash balances of US100m. However, these balances appeared to be almost completely fake, with the cash presumably siphoned out of the company via undisclosed related party transactions.
The shares were delisted in 2011.
US District Court: Legal Document, 25 Mar 2015
Jiangbo Pharmaceuticals: Annual Report Jun 2010