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SEC Charges Underwriter and Bankers in Connection with Offering by China-based Issuer

On March 27, 2015, the U.S. Securities and Exchange Commission (SEC) announced charges against an investment bank and two of its bankers for failing to adequately review and escalate a due diligence report which contradicted statements about the ownership of certain assets contained in the marketing materials used in an underwritten public offering for China-based Puda Coal, Inc. (Puda). This SEC action offers a number of important lessons for underwriters, investors and other advisors involved in transactions with companies that operate in countries with heightened compliance risks. Continue

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