Thursday, January 3, 2013

Longwei Petroleum Sinks After Fraud Allegation

Shares of Longwei Petroleum Investment Holding Limited (LPH) sank as much as 50% on Thursday after an article ("Seeking Alpha Article") published on on December 10, 2012, written by an author named "The Geo Team" ( alleged that the company's purported business operations are massively overstated and a brazen fraud. The author opined that the LPH is virtually worthless, completely un-investable and should be immediately delisted by the New York Stock Exchange.

Longwei Petroleum Investment Holding Limited, an energy company, engages in the wholesale distribution of finished petroleum products in the People’s Republic of China. The company is involved in the transportation, storage, and sale of finished petroleum products, including diesel, gasoline, fuel oil, and solvents from various petroleum refineries.

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