Cool
“From educational success to financial scams”
On May 11, 2007, the stock price was $7.95. Four months later, the price was closed at $0.28 on September 26, 2007. Investors have lost approximately 96% of their asset value in a less-than-six-month period. The name of the company was China Expert Technology (OTC Symbol: CXTI). Finally, on November 28, 2007, a class action lawsuit was filed in the United States District Court for the Southern District of New York. So, what takes the investors so long to realize they have fallen into a financial scam? First of all, the company has been following the United States accounting rules, instead of choosing a more straightforward and less strict Chinese rule, since it was first set up. Second, the company had hired one of most famous international accounting firms to audit its own books. Third, the headquarter of this company was located at one of the most well-developed and famed financial centers in Asia, which is Hong Kong. In other......
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Approximate Word Count: 1658
Approximate Pages: 7 (250 words per double-spaced page)
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