American Dairy, the US-listed Chinese food group, has received a letter from regulators to say that a probe into its accounting is complete and no enforcement action will be taken.
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The letter concludes an informal Securities and Exchange Commission inquiry, which started in 2007 against American Dairy’s former auditors for “breach of duties” in failing to perform the company’s audits.
American Dairy dismissed the companies, which included Murrell, Hall, McIntosh & Co and Henny Wee & Co., in the same year.
The dairy firm’s CEO, Leng You-Bin, said: “We are extremely pleased to announce the termination of the investigation. We believe this marks an important milestone in our efforts to restore investors’ confidence in our company.”
Jonathan Chou, the company’s CFO, added that with the informal investigation behind it, the company now remains “committed to building the leading infant formula company in China going forward”.
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By GlobalData
