Defendant Name:
China Northeast Petroleum Holdings Limited
Defendant Type:
Public Company
SIC Code:
1311
CUSIP:
16941G10
Document Reference:
comp22552
Document Details
Legal Case Name
SEC v. China North East Petroleum Holdings Limited; Wang Hongjun (a/k/a Hongjun Wang); Ju Guizhi (a/k/a Guizhi Ju); and Jiang Chao (a/k/a Chao Jiang), Defendants, Jiang Mingfu (a/k/a Mingfu Jiang); and Sun Jishuang (a/k/a Jishuang Sun)
Document Name
Complaint
Document Date
29-Nov-2012
Document Format
Civil Proceeding
Case Number
12-cv-08696
Federal District Court
New York, Southern District of New York
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On November 29, 2012, the SEC filed a complaint against the company. The SEC alleged that China North East Petroleum Holdings Limited in two public offerings stated to investors that offering proceeds would be used "to fund future business expansion and for general working capital purposes." Instead, the SEC alleged that that the proceeds were diverted "to corporate insiders and their family members in a manner that was neither disclosed to investors nor consistent with [China North's] representations to investors concerning the intended and permissible uses of the offering proceeds." The SEC also alleged that defendants engaged in fraudulent conduct in connection with "at least 176 undisclosed, related party transactions."
Other Defendants in Action:
