CASI - Casi Pharma extends losses as company drags into U.S. audit dispute

Casi Pharmaceuticals (CASI -9.4%), a biotech focused on U.S. and Chinese markets, is trading lower for the third straight session on Friday after announcing that it was added to a list of companies that have failed to comply with the U.S. listing rules. Since last month, the Securities and Exchange Commission (SEC) has named several U.S.-listed Chinese companies for their failure to adhere to the Holding Foreign Companies Accountable Act (HFCAA). On March 30, the regulator “provisionally identified” Casi (NASDAQ:CASI) on the list of stocks with potential non-compliance with HFCAA due to their use of an auditor not subject to inspections by the Public Company Accounting Oversight Board (PCAOB). The company is in the process of assessing the strategic options to meet the HFCAA requirements, Casi (CASI) said, adding that the identification was expected as disclosed in its recent 10-K filing. However, the reassurance has seemingly failed to recover the stock,

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Casi Pharma extends losses as company drags into U.S. audit dispute