Nasdaq shares of China Information Technology Inc. plummeted more than 20% last Friday after the company announced the abrupt departure of its chief financial officer.
The Shenzhen-based geographic information systems provider said Friday that Jackie You Kazmerzak would resign from her post as chief financial officer effective today to pursue another career opportunity.
The company says it is in the process of vetting suitable candidates to serve as the company's CFO following Kazmerzak's departure. In the interim, Eva Liu, who is the company's financial controller, will continue to manage daily financial operations and will report directly to Jiang Huai Lin, China Information Technology's chairman and chief executive officer.
News of Kazmerzak's exit comes two weeks after Derek Palaschuk, CFO for China-based Longtop Financial Technologies Limited, tendered his resignation from Longtop in the midst of allegations that the company was engaged in fraudulent activities.
In recent weeks, other companies such as Xinhua Finance and Duoyuan Printing have been targeted by either the U.S. Securities and Exchange Commission or lawyers intent on rooting out alleged malfeasance in some Chinese companies listed on stock exchanges in the United States.