Longtop Financial (LFT) Slammed As More Questions Raised

Shares of beaten-up Longtop Financial Technologies Limited (NYSE: LFT) are seeing continued downside pressure today after Citron Research issued negative research showing documentation that proves Xiamen Longtop Human Resources (XLHRS) is indeed a related party to Longtop Financial.

A link to the documents can be found here.

Citron opines:
So now we are supposed to believe that XLHRS, located on Longtop Financial’s premises, has only one client, Longtop Financial, used the same email servers, AND had staff from Longtop’s legal department personnel sign their administrative filings with the government … but they’re NOT a related party. C’mon….Really?

The full Citron report is here.

Shares of Longtop Financial are down over 15 percent to $17.10 amid the report.

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