Zamansky & Associates warns investors about investing in Chinese stocks. These are stocks of companies based in China which have listed and trade on Securities Exchanges in the United States. Recently, several Chinese companies have been accused of filings false and misleading financial statements for investors here in the United States, while disclosing very different financial results locally in China. Investors who purchased securities in the following companies may wish to contact us about protecting your rights:
Orient Paper (ONP)
RINO International Corp. (RINO)
China Biotics (CHBT)
Doyan Global Water (DGW)
China Green Agriculture (CGA)
China Sky One Medical Inc. (CSKI)
China Marine Food Group Limited (CMFO)
Duoyuan Printing (DYP)
Universal Travel Group (UTA)
Zamansky & Associates is investigating these Companies for securities fraud violations, and is considering preparing lawsuits for shareholders and investors to recover losses suffered on these stocks. There are reports that the financial statements filed by these Companies are allegedly false and misleading, and none have been audited for investor protection.
If you invested in securities of these Companies, please contact us as soon as possible.
Click here to see Jake Zamansky talking about Chines IPO’s.
FINRA to Level the Arbitration Playing Field
Five years ago, I sent a letter to Congress advocating the elimination of the so-called “industry representative” from investor arbitration proceedings administered by FINRA. Since then, I’ve written several op-eds and numerous blog posts on the subject in the hope that FINRA would eliminate the requirement that a representative of the securities industry sit on all investor arbitration panels. Today, FINRA announced a proposal to permanently give investors the option of “all-public” panels, finally freeing them from Wall Street’s influence.
FINRA’s decision will assuredly help level the playing field for investors. Previously, securities industry representatives tended to side with Wall Street and their fellow brokers. The practice was akin to suing your chiropractor and arguing your case in front of another chiropractor.
Needless to say, this is an important step, however, there are other improvements FINRA could make to the arbitration system as well. Such as, a more diverse pool of panelists that is more reflective of the U.S. population.
Also, arbitration proceedings shouldn’t be so secretive. FINRA should consider allowing observers into arbitration proceedings. If journalists or other watchdogs were allowed to attend, investors could see for themselves how brokerage firms mistreat their own clients and important precedents could be set.
Having said that, FINRA deserves credit for listening to investors and their representatives. To be sure, this is a win for individual investors.
Attending the NASAA Conference
This afternoon I was in Baltimore, Maryland attending the National American Securities Administrators Association (NASAA) conference, where I took part in a panel discussion entitled “Guiding Investors Through the New Market.” My comments focused on a number of key investor issues including the need for a fiduciary standard, the lack of uniform federal regulation and the general failure of the Dodd-Frank bill.
I also highlighted the imbalance between state and federal regulation. While state regulators are taking a stand on behalf of investors against large financial institutions such as Bank of America and Citigroup, federal regulators have consistently remained asleep at the wheel.
I’ve submitted a more detailed position paper detailing these issues into the conference record. You can view the document here.