Each issue of PaperMoney is approximately 500 fact filled pages.
Logout
Click here for Pulp & Paper Radio International
Items just for you
New publication added! Advertising Arguments 2015 book
Free Downloads
Search
My Profile
Login
Management Side
Technical Side
Orient Paper's Alleged Financial Misstatements Under Investigation
Print

Bensalem, Pennsylvania, USA, 19 August 2010 -- (BUSINESS WIRE) -- The law offices of Howard G. Smith are investigating potential claims against Orient Paper, Inc. (AMEX:ONP - News) concerning possible breaches of fiduciary duty or other violations of law by the company’s board of directors. Orient Paper, through its subsidiary, Hebei Baoding Orient Paper Milling Company Limited (HBOP), engages in the production and distribution of paper and paper products in the People’s Republic of China.

The investigation is related to allegations that since at least March 2009, the company issued a series of false and misleading statements in which it failed to disclose that the company’s revenues were substantially overstated and in which it exaggerated the extent of the company’s business operations. On 28 June 2010, an entity calling itself Muddy Waters, LLC, released a report indicating that Orient Paper had issued false financial statements and press releases, including that Orient Paper’s fiscal 2008 revenues were massively overstated.

On 16 July 2010, the company announced that its board of directors would retain Loeb & Loeb LLP to work with the company's audit committee to retain a Big Four audit firm, to conduct an independent investigation into the issues raised by Muddy Waters. On 28 July 2010, Roth Capital Partners, LLC, which had acted as underwriter and sold USD 25 million worth of company stock in a secondary offering on 31 March 2010, announced it was suspending analyst coverage of the stock pending the results of the investigation and its own due diligence.



Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: