OLED producer Qingyue Technology announced that a suspected fraud investigation has been opened against the company by the China Securities Regulatory Commission (CSRC).
The company's general manager, Gao Yudi, likely being the main target of the investigation, has issued a decision to pay civil damages of at least 10 million Yuan ($1.4 million USD) to the company, and also withdraw his share repurchase proposal. In addition Gau Yudi will place 9 million Qingyue shares into a wholly-owned subsidiary "as a guarantee of performance".
The CSRS suspected that Qingyue had filed reports that include false records, and so it started its investigation. The company now also faces the risk of being sued by its investors for these false records.
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