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Tengjun Biotechnology (TJBH) Repudiates its 2022 Financial Statements Case
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- In September 2023, Tengjun (TJBH) disclosed that its Y2022 financial statements should not be relied upon and will be restated as soon as reasonably practicable.
- On it, $TJBH fell 17.6%, losing shareholder value.
- Investors may have grounds to suspect that Tengjun hid its accounting and reporting violations, which led to their losses.
On September 5, 2023, Tengjun disclosed that its previously issued financial statements for the fiscal year ended December 31, 2022 should no longer be relied upon due to accounting methodology errors and that it plans to restate its financial statements by amending its annual report on Form 10-K for the fiscal year ended December 31, 2022 as soon as reasonably practicable.
On this news, $TJBH fell 17.6% and lost substantial market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect that Tengjun failed to timely disclose its accounting and reporting violations , which led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
05 September 2023