attracted traders’ attention.However, there is an absolutely reasonable explanation for the fall – the recent news by the company. First, China Medicine announced the withdrawing of the company’s application for listing its common stock on the NASDAQ. Then, CHME filed an extension for the fiscal 2010 filing to disclose that its previously issued financial statements should not be relied upon and the new report is not prepared.
This news most probably disappointed investors a lot and CHME aimed the bottom of the chart. Now everyone wonders what the next move of the company will be.[BANNER]
China Medicine Corporation is a distributor of pharmaceutical and medical products in the People’s Republic of China. Lately, the stock has been mostly low-traded and it is currently at its new 52-week low. In fact, there has been no positive news on the company recently, which is a good explanation on the price crash.
Despite the fact that the company’s last 10-Q report was not so disappointing, it cannot be considered reliable before CHME files its annual results.
Based on the recent announcements concerning the company, investors should observe the situation of China Medicine much closer.
