CAST, a dead Chinese Fraud, Criminal investigations are on the way:
Questionable Promotion — The security is being promoted to the public, but adequate current information about the issuer has not been made available to the public.
Spam — The security is the subject of spam promotion having the effect of encouraging trading of the issuer's securities.
Investigation of Fraud — There is a known investigation of fraudulent activity involving the company, its securities or insiders.
Suspension/Halt — A Regulatory Authority has halted or suspended trading for public interest concerns (i.e. not a news or earning halt).
As previously disclosed in prior public filings, ChinaCast Education Corporation (the “Company”) has been conducting an ongoing investigation into the questionable activities of its former chairman and chief executive officer Ron Chan Tze Ngon (“Mr. Chan”), former president-China Jiang Xiangyuan (“Mr. Jiang”), former chief financial officer Antonio Sena, former chief accounting officer Jim Ma Lok and their associates (collectively, “Prior Management”).
In connection with this ongoing investigation, on December 19, 2012, the Board of Directors (the “Board”) the Company, after consultation with and upon the recommendation of the management of the Company and the Audit Committee of the Board (the “Audit Committee”), concluded that the Company’s previously issued financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal years ended December 31, 2009 and 2010