What happened with Sino-Forest?

What happened with Sino-Forest?

On June 2, 2011, shares in Sino Forest plummeted following the release of a negative research report by Carson Block of Muddy Waters Research, which made allegations that Sino-Forest had been fraudulently inflating its assets and earnings, and that the company’s shares were essentially worthless.

What caused the failure of the audit of Sino-Forest?

The regulator said the auditor failed to adequately review or question documentation related to Sino-Forest’s ownership of standing timber reserves in China. At Zungui, it failed to treat “multiple red flags” in the shoe company’s finances with sufficient skepticism, the OSC said.

What happened to Allen Chan?

In 2017 the Commission ruled that Chan, and several other directors, had indeed committed fraud, a decision that was subsequently upheld in the Canadian courts.

Who audited Sino-Forest?

Ernst & Young LLP
TORONTO (Reuters) – Accounting firm Ernst & Young LLP [ERNY. UL] agreed on Tuesday to an C$8 million ($7.2 million) voluntary payment with Canada’s biggest securities regulator over its audits of Sino-Forest Corp [SCLC. UL] and another China-focused company.

Who is Allen Chan?

Allen Chan is a Chinese-American non-union voice actor based out of California.

What is the history of the Sino-Forest Corporation?

Sino-Forest’s common shares traded on the Toronto Stock Exchange under the symbol TRE from 1995 until they were suspended in 2011, and its corporate office were in Mississauga, Canada. Sino-Forest had a market capitalization of just over $5 billion in November 2010.

Is there a stay of proceedings against Sino Forest?

The initial order provided for an interim stay of proceedings against Sino Forest. The plaintiffs in this class action have two motions pending before the court that they intend to have heard despite the stay of proceedings.

What is the market capitalization of Sino Forest?

Sino-Forest had a market capitalization of just over $5 billion in November 2010. As of September 30, 2009, Sino-Forest claimed to have had approximately 757,000 hectares of trees under management and over 700,000 hectares of trees available to be acquired under six long-term master agreements.

What is the class action lawsuit against Sino-Forest Corporation?

Sino-Forest Corporation. This class action concerns allegations that the public filings of Sino-Forest Corporation (“Sino-Forest”) contained false and/or misleading statements about its business and affairs.