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In 2012, ChinaCast's founder and CEO, Ron Chan Tze Ngon, was accused of having siphoned US$ 120 million of the company's funds starting in 2008, and trying to interfere with ChinaCast's annual audit. Chan was further accused of being involved with
Harmony, a rival Meyers' provider, and was removed as
102:
In
December of 2011, ChinaCast's board of directors accused Ned Sherwood, one of the directors and a company shareholder, of insider trading. Sherwood said the board was using the allegations to remove him because he disagreed with them about a possible sale of the company. Sherwood filed a complaint
106:
Around the same time, short-seller Sahm
Adrangi of Kerrisdale Capital Management LLC accused ChinaCast of falsifying its financial records to inflate its value, attract investors, and deceive the Chinese government. Adrangi stated that he had found one of the company's physical locations, an
77:, Great Wall Acquisition Corporation, acquired 100% of the company in a reverse merger transaction and the Singapore company was delisted, Great Wall Acquisition Corporation was then renamed ChinaCast Education Corporation in early 2007 and then listed on the
103:
in a
Delaware court, and attempted to get three directors, himself included, elected to the board. The election was supervised by IVS Associates, and accountants firm, and left Sherwood in control of the board. Chairman Chan Tze Gong was terminated.
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ChinaCast filed for bankruptcy in 2016, in part to seek protection from a $ 65.8m judgment secured against it by investors, and in part to pursue its own embezzlement case against Chan.
34:. Established in 1999, the Company provides its post-secondary degree programs through its 80% ownership in the holding company of the Foreign Trade and Business College (FTBC) of
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54:
The
Company was founded in 1999 by Ron Chan Tze Ngon as ChinaCast Communications Limited, and subsequently raised a Series A venture capital round which included investors
111:
the company's CEO in the same year. He and others faced a lawsuit over the theft in 2014, with the total sum of stolen money reported as US$ 150 million. In 2013, the
387:
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ruled that the company can be held liable for the actions of its CEO, overruling an earlier judgement by a
Pasadena court and allowing the litigation to continue.
412:
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As of early 2011 the company had a market value of US$ 285 million. ChinaCast owned three physical education centres in addition to its e-learning platforms.
38:. The company provides its e-learning services to post-secondary institutions, K-12 schools, government agencies and corporate enterprises via its nationwide
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won a case against Chan in which they accused him of "systematically looting the company", and was awarded US$ 49 million in the
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In April 2008, the
Company completed the acquisition of 80% of the holding company of the Foreign Trade and Business College of
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88:. Based in Hong Kong, all of the company's assets are in mainland China, and it is organised under Delaware law.
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344:"Delaware Court of Chancery issues temporary restraining order to postpone annual meeting of stockholders"
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In May 2004, the
Company was renamed ChinaCast Communications Holdings Limited (CCH) and made an
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Dunn, Gibson; Gallardo, Crutcher LLP-Eduardo; Holmes, Aaron B.; Lutz, Brian M. (2011-12-29).
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in 2007 but was delisted in 2012 amidst board turmoil and allegations of wrongdoing.
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Problems for the company began in late 2011. By May 2012, ChinaCast was delisted.
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368:
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27:
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43:
437:"Ex-ChinaCast Chairman Chan Sued Over Alleged $ 150 Million Theft"
462:"U.S. SEC charges ex-ChinaCast execs with fraud, insider trading"
148:"ChinaCast Education Removes Ron Chan Tze Ngon As Chairman, CEO"
388:"S.E.C. Sues Former Chairman in Looting of Educational Company"
291:"Canadian shortseller Sahm Adrangi targets ChinaCast Education"
369:"ChinaCast files for bankruptcy to pursue embezzlement claims"
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202:"ChinaCast files for bankruptcy to pursue embezzlement claims"
261:"China Case Reveals Risks of Investing in a Foreign Company"
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education centre for 1,200 students, "practically empty".
318:"In re ChinaCast Education Corp. Securities Litigation"
487:"Rogue executive ruling gives plaintiffs ammunition"
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367:Aubin, Dena; Rucinski, Tracy (November 11, 2016).
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413:"Battle Over a Chinese Company Turns Physical"
8:
411:Merced, Michael J. de la (2012-04-20).
259:Solomon, Steven Davidoff (2012-01-13).
231:Solomon, Steven Davidoff (2011-12-22).
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113:U.S. Securities and Exchange Commission
173:"Lessons in handling S-chips for SGX"
7:
16:Chinese educational services company
386:Stevenson, Alexandra (2013-09-27).
75:Special Purpose Acquisition Company
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81:Global Market Exchange in 2007.
22:is a Hong Kong–based for-profit,
233:"Year-End Surprises in Deal Law"
20:ChinaCast Education Corporation
1:
417:The New York Times - DealBook
392:The New York Times - DealBook
265:The New York Times - DealBook
237:The New York Times - DealBook
517:Education companies of China
86:Chongqing Normal University
40:satellite broadband network
36:Chongqing Normal University
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95:Legal issues and delisting
32:People's Republic of China
30:services provider in the
289:Lam, Eric (2011-11-29).
73:. In 2006, a US-listed
71:Singapore Stock Exchange
24:post-secondary education
117:Manhattan federal court
67:initial public offering
56:Hughes Network Systems
42:. It listed on the
491:Business Insurance
322:Harvard Law Review
177:The Edge Malaysia
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495:. Retrieved
493:. 2015-11-08
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470:. Retrieved
468:. 2013-09-26
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443:. 2014-08-26
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121:9th Circuit
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353:2024-04-15
328:2024-04-09
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270:2024-04-09
242:2024-04-09
212:2024-04-09
182:2024-04-12
158:2024-04-09
130:References
28:e-learning
441:Bloomberg
511:Category
348:Lexology
152:RTT News
466:Reuters
373:Reuters
206:Reuters
69:on the
50:History
79:NASDAQ
44:NASDAQ
58:and
26:and
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