Chinese Internet Stocks Slammed as DoJ Opens Investigation on Accounting Practices

U.S.-listed Chinese Internet stocks are getting a smack down following reports the U.S. Justice Department -- a section of the U.S. government no one wants to be investigated by -- is probing potential fraudulent practices tied to their accounting practices.

Reuters cited an interview with the U.S. Securities and Exchange enforcement chief Robert Khuzami.

Stocks getting hit Thursday include:

• Baidu, Inc. (Nasdaq: BIDU) - down 8 percent;
  
  
• Ctrip.com (Nasdaq: CTRP) - down 5 percent;
  
  
• Sina Corp. (Nasdaq: SINA) - down 13 percent;
  
  
• Yoku.com (Nasdaq: YOKU) - down 14 percent;
  
  
• Sohu.com (Nasdsaq: SOHU) - down 10 percent;
  
  
• E-Commerce China Dangdang (NYSE: DANG) - down 2 percent;
  
  
• Focus Media (Nasdaq: FMCN) - down 11 percent;
  
  
• Tawmee Holdings (NYSE: TAOM) - down 6 percent; and
  
  
• Tudou Holdings (Nasdaq: TUDO) - down 5 percent.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Natural Gas ETFs Quickly Spike to Highs
• M&T Bank (MTB) shares climb as Q1 2024 earnings meet expectations
• Tesla (TSLA) Delays Cybertruck Deliveries - WSJ