pdf

O’Melveny’s Kilduff Comments on SEC’s New Measures For Non-Complaint US-listed Chinese Companies in Am Law Litigation Daily

September 09, 2011 Am Law Litigation Daily’s September 8, 2011, article “SEC Takes On Deloitte Unit Over Audit Records As Pressure Mounts On Chinese Companies With U.S. Listings,” reports on the US Securities and Exchange Commision’s recent decision to take non-compliant US-listed Chinese companies such as Deloitte Touche Tohmatsu to court. In light of the new measures the regulatory agency is taking, O’Melveny & Myers’ Securities Litigation partner Jeff Kilduff said, "This is the test case the SEC has been waiting to bring.” In response to Deloitte’s refusal to comply with a subpoena seeking documents related to Deloitte’s work for former client Longtop Financial Technologies Limited, he added, “The SEC for obvious reasons wants to know if it can get to these documents in the future.” Kilduff is based in O’Melveny’s Washington, DC office.