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News Breaks | | | | March 14, 2011 | | 05:44 EDT |  | CAGC | China Agritech forms special committee; To miss March 16 form 10-K filing
China Agritech announced that it has formed a Special Committee of its Board of Directors in order to investigate certain allegations made by third parties with respect to the company and certain related issues. The Committee will consist of five members, including Gene Michael Bennett, Lunzhang Dai, and Hailin Zhang, who are members of the Audit Committee of the Board of Directors, and Zheng Wang and Xuenong Zhang, who are members of Board of Directors. The Committee will retain its own independent counsel and forensic accounting firm to advise the Committee in connection with its investigation. Considering that the investigation will not get underway until next week, the company will not be able to meet the March 16, 2011 filing deadline for its Form 10-K and will be filing for an extension of time to file its Form 10-K. In addition, because the Form 10-K will not be able to be filed until the investigation is complete, the company is not able to predict when the filing will take place. | |
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