Zamansky LLC is investigating China Marine Food Group Limited (Nasdaq: CMFO) for violations of the securities laws. As reported by analysts, CMFO filed financial statements with the Chinese State Administration for Industry and Commerce (“SAIC”) branch which differ substantially from the financial statements filed with the United States Securities and Exchange Commission (“SEC”). The discrepancies are significant according to analyst reports. For example, CMFO reported $36 million in revenues in 2007 and $49 million in 2008 to the SEC, while it reported only $3 million and $7 million to the SAIC for the same respective years. CMFO’s auditor, ZYCPA Company, Ltd., which is not a large international auditing firm, may be too understaffed to sufficiently handle the auditing job. Earlier this year, CMFO’s stock price ran up to over $8 per share, then fell to $3 per share, as questions were raised over its financial results.
If you have invested in CMFO and wish to speak to an attorney about your rights as an investor to recover your losses, please contact us by calling 212-742-1414 or by clicking here. Zamansky LLC is a leading securities class action law firm.