China security report clears Zhangzidao of any fraud regarding missing scallops
SEAFOODNEWS.COM [CCstock] Translated by Amy Zhong - Dec 16, 2014
In October of this year, Zhangzidao Fishery Group, the largest aquaculture company in China, shocked investors by announcing an unanticipated huge loss of its projected scallop harvest for this year. As a result, company share trading was suspended on the Shenzen stock exchange, and Chinese Security Regulatory Commission launched an investigation. At the time, there were blog and media reports that Zhangzidao may have deliberately misled investors about the size of its scallop stocks in its primary aquacluture areas.
At the beginning of December, the report was released that cleared Zhangzidao of any fraud charges, but did suggest errors in judgment and communication. After a few days of a sharp sell-off...
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