Americas News
Supplier Investigates Misappropriation of Inventory and Cash
NASDAQ listed marine fuel supplier Andatee China Marine Fuel Services Corporation (Andatee) [NASDAQ:AMCF] is investigating the "misappropriation of inventory and cash" by a former employee, according to a filling with the Securities and Exchange Commission (SEC) dated August 15, 2012.
Andatee was not clear on whether it was looking into a a single or multiple incidents but said it was focusing on events between late June and early July 2012.
The filing also said that the amount of the loss has not been conclusively determined, so the impact on the operating results was unknown at that time.
As a result of the investigation, Andatee said its results report for the period ended June 30, 2012 would be delayed until the financial impact of the event could be properly reflected in the financial statements.
