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Justin Kuepper

China MediaExpress Finally Pays Out

By January 17, 2013

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China MediaExpress Holdings Inc., which was listed on the U.S. after a reverse takeover (RTO), could be forced to pay as much as $77 million in damages to Starr International Co. The hedge fund, run by former AIG CEO Hank Greenberg, sued the Chinese company for fraudulently inducing its investment before evidence of the fraud was revealed.

Since it began taking action, the SEC has deregistered the securities of almost 50 companies and has filed fraud cases against more than 40 issuers and executives as part of its investigations into non-U.S. based firms that have largely gone public via reverse mergers.

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