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china valves technology inc (CVVT) Snapshot

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03/7/14 - $1.35
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10/16/14 - $0.35
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china valves technology inc (CVVT) Details

China Valves Technology, Inc., through its subsidiaries, engages in the development, manufacture, and sale of metal valves for the electricity, petroleum, chemical, water, gas, and metal industries in the People’s Republic of China. It offers valves, actuators, forging and castings, valve locks, and related services to infrastructure industries, including nuclear power, fossil power, hydropower, oil and gas, chemical and petrochemical, water treatment, and mining and metal, as well as general industrial markets. The company also provides gate, globe, check, control, insulation, plunger, butterfly, ball, semi-ball, blowtorch, water pressure test, safety, and vent values. China Valves Technology, Inc. distributes its products through regional agents and distributors. It has a strategic cooperation agreement with China Dongfang Electric Corporation for the development of new products and product extensions. The company was founded in 2007 and is headquartered in Zhengzhou, the People’s Republic of China.

2,000 Employees
Last Reported Date: 05/10/12
Founded in 2007

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china valves technology inc (CVVT) Key Developments

SEC Charges China Valves Technology, Inc. and Three Senior Officers with Fraud

The Securities and Exchange Commission filed a civil injunctive action in the United States District Court for the District of Columbia charging China Valves Technology, Inc. (‘China Valves’), its Chairman and former CEO, Siping Fang its former CEO, Jianbao Wang and its CFO, Renrui Tang with misleading investors about the true nature and price of an acquisition and by mischaracterizing and materially overstating income related to its purchase and reverse engineering of a competitor's product. Based on this and related misconduct, the SEC charged China Valves and the three senior officers with violations of anti-fraud provisions of the federal securities laws; China Valves with related violations of the reporting, books and records, and internal controls provisions of the federal securities laws; and Fang, Wang, and Tang with falsely certifying that China Valves's filings contained no material misstatements and aiding and abetting China Valves's violations of the reporting and books and records provisions. China Valves is a China-based U.S. issuer formed through a reverse merger in 2007. The case is the latest from the SEC's Cross-Border Working Group that focuses on companies with substantial foreign operations that are publicly traded in the U.S. The Commission's complaint alleges that China Valves, Fang, Wang, and Tang intentionally misled investors about China Valves's 2010 acquisition of Watts Valve Changsha Co. Ltd. in an effort to mask the subsidiary's prior investigation of violations of the Foreign Corrupt Practices Act ("FCPA") and China Valve's decision to pay sales commissions to employees that potentially violated the FCPA. Among other things, China Valves and its officers fraudulently misstated or failed to disclose certain facts about the acquisition, including: (1) the purchase price, (2) the true seller, (3) the form of the acquisition, (4) the FCPA investigation, (5) the payment of commissions that the seller had declined to pay because of suspected FCPA violations, and (6) the role of related parties in the acquisition. The complaint further alleges that, in 2011, China Valves materially overstated income and understated liabilities incurred by a wholly-owned subsidiary, Shanghai Pudong Hanwei Valve Co. Ltd. Hanwei Valve purchased a valve with the plan to reverse engineer the product but, because of intellectual property concerns, intentionally disguised the payments for the valve in its books and records as Value Added Tax payments purportedly made to the local tax authorities.

SEC Orders Hearings On Registration Suspension Or Revocation Against China Valves Technology For Failure To Make Required Periodic Filings

Securities and Exchange Commission (SEC or the commission) instituted public administrative proceeding to determine whether to revoke or suspend for a period not exceeding twelve months the registration of each class of the securities of China Valves Technology, Inc. for failure to make required periodic filings with the Commission. In this Order, the Division of Enforcement (Division) alleges that the company was delinquent in its required periodic filings with the Commission. In this proceeding, instituted pursuant to Exchange Act Section 12(j), a hearing will be scheduled before an Administrative Law Judge. At the hearing, the judge will hear evidence from the Division and the company to determine whether the allegations of the Division contained in the Order, which the Division alleges constitute failures to comply with Exchange Act Section 13(a) and Rules 13a-1 and 13a-13 there under, are true. The judge in the proceeding will then determine whether the registrations pursuant to Exchange Act Section 12 of each class of the securities of the company should be revoked or suspended for a period not exceeding twelve months. The Commission ordered that the Administrative Law Judge in this proceeding issue an initial decision not later than 120 days from the date of service of the order instituting proceeding.

China Valves Technology, Inc. Engages Wei,Wei & Co., LLP as Independent Registered Public Accounting Firm

On Aug. 27, 2014, China Valves Technology, Inc. engaged Wei,Wei & Co., LLP as the company's independent registered public accounting firm.


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