25 August 2019

SEC claims Chinese hog producer inflated revenue, WSJ says

The United States Securities and Exchange Commission has sued a Chinese animal-feed and hog-production company and several of its former top officials, alleging that they orchestrated or failed to stop an accounting fraud that inflated the company’s revenue by US$239 million, the Wall Street Journal reported Tuesday. The commission said in a lawsuit filed in federal court in Tennessee that AgFeed Industries Inc. created fake invoices for the sale of feed and purported to sell hogs that didn’t exist, the report said. The commission said the company created a fake set of books to conceal its actions, according to the report.

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