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The Chinese associates of the Big Four accounting firms in the US have been charged with violating the SEC Act and the Sarbanes-Oxley Act for not producing to the SEC their audit work papers relating to any company trading on the US markets, specifically in respect to nine China-based companies traded on the US exchanges being investigated for potential wrongdoing. The audit firms are alleged to have refused to cooperate in the investigations. The news triggers a wave of selling in Chinese Internet stocks with Baidu (NASDAQ:BIDU) down 5.82%, Sina (NASDAQ:SINA) -6.27%, Sohu (NASDAQ:SOHU) -3.28% and NetEase (NASDAQ:NTES) -4.03%.
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The Coca-Cola Company (NYSE:KO) and Select Milk Producers Inc announce their acquisition of equity stakes in the newly created Fair Oaks Farms Brands, LLC, which will drive the growth and expansion of dairy-based beverage Core Power and investments in future dairy-based drinks with the scope of offering high-quality, value-added beverages positioned in the health and wellness segments.
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