Caixin OnlineFinance & EconomicsTop Stories Finance Shareholders of Looted Firm Sue Auditor in NY Court
02.20.2013 18:39

Shareholders of Looted Firm Sue Auditor in NY Court

Lawsuit seeks compensation from China arm of Deloitte for failing to detect alleged fraud at ChinaCast Education
By staff reporter Shen Hu

(Beijing) – Ten shareholders of a Chinese company delisted from the Nasdaq have filed a lawsuit against the company's auditor in a U.S. court in New York.

They are seeking compensation equivalent to the difference between the cost of buying the shares and the present value, said Derek Feng Yiyi, chairman of delisted ChinaCast Education Corp.

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