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Longtop's CFO Quits As Chinese Software Company's Auditor Resigns

May 24, 2011
Business | Law & Policy | Software

In the middle of flak concerning alleged securities fraud, Chinese financial services software firm Longtop Financial Technologies Limited announced that its chief financial officer, Derek Palaschuk, who was previously CFO at Chinese Internet firms Sohu.com and eLong.com, has resigned.

Palaschuk, a Canadian working for the southern Chinese software company since around the time of its United States initial public offering in October 2007, reportedly tendered his resignation by letter, dated May 19, 2011, and the company's board has apparently taken his resignation under advisement.

Palaschuk also resigned a few weeks ago from the board and audit committee of Renren.com, a Chinese social media website company that had an IPO in the United States earlier this month. At the time, rumors swirled that the resignation was a direct result of allegations that Longtop had financial or operational irregularities.

Yesterday, U.S.-based Rosen Law Firm announced that it has filed a securities fraud class action on behalf investors who purchased the common stock of Longtop. The lawsuit charges violations against Longtop Financial and its officers and directors for issuing materially false and misleading financial statements to the investing public between June 29, 2009 and April 25, 2011, inclusive.

Longtop's registered independent accounting firm, Deloitte Touche Tohmatsu CPA Ltd., has also resigned as auditor of the Company by letter dated May 22, 2011.

In its letter, DTT reportedly stated that it was resigning as the result of, among other things the recently identified falsity of the company's financial records in relation to cash at bank and loan balances (and possibly in sales revenue); the deliberate interference by certain members of Longtop management in DTT's audit process; and the unlawful detention of DTT's audit files. DTT further stated that DTT was no longer able to rely on management's representations in relation to prior period financial reports, that continued reliance should no longer be placed on DTT's audit reports on the previous financial statements, and DTT declined to be associated with any of the company's financial communications in 2010 and 2011.

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