SHIJIAZHUANG, CHINA -- (Marketwired) -- 06/23/14 -- AutoChina International Limited ("AutoChina" or the "Company") (
Under the terms of the settlement, AutoChina, without admitting or denying wrongdoing, will pay a $4.35 million civil penalty to the SEC. The original lawsuit alleged that the Company, through an officer, engaged in a scheme to manipulate trading in the Company's shares to create the appearance of a liquid and active market. Mr. Hui Kai Yan, the Company's director and secretary, also a defendant in the lawsuit, agreed to pay a $150,000 civil penalty and agreed to no longer being an officer or director of a public company.
About AutoChina International Limited:
AutoChina International Limited is China's largest commercial vehicle sales, servicing, leasing, and support network. AutoChina's operating subsidiary was founded in 2005 by nationally recognized Chairman and CEO, Yong Hui Li. As of March 31, 2014, the Company owned and operated 549 commercial vehicle financing centers in 26 provinces across China, and primarily provides sales-type leasing and support services for local customers. The Company's website is http://www.autochinaintl.com.
Safe Harbor Statement:
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the Company. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to meaningfully differ from those set forth in the forward-looking statements:
The information set forth herein should be read in light of such risks. The Company does not assume any obligation to update the information contained in this press release.
At the Company
Chief Financial Officer
The Equity Group Inc.
Carolyne Y. Sohn
Senior Vice President