Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

SEC Accuses China’s Yuhe of Falsely Claiming Acquisition

Don't Miss Out —
Follow us on:

Oct. 18 (Bloomberg) -- Yuhe International Inc., a Chinese company that supplies chickens to broiler farms in China, was sued for fraud by the U.S. Securities and Exchange Commission and accused of telling investors it made a $15 million acquisition that never happened.

The agency also sued Gao Zhentao, the Weifang, China-based company’s founder and chairman, today in federal court in Washington.

The announced acquisition was questioned in a June 13, 2011, report by GeoInvesting LLC, a Skippack, Pennsylvania investment firm, and days later the company acknowledged that it “had never been completed,” according to the complaint.

“Yuhe misled its public investors by disseminating a series of materially false statements concerning a purported acquisition for more than $15 million,” the agency said in the suit.

The case is SEC v. Yuhe International Inc., 13-cv-01598, U.S. District Court, District of Columbia (Washington).

To contact the reporter on this story: Andrew Zajac in federal court in Washington at azajac@bloomberg.net.

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.