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CDC says 'material weaknesses' are fixed
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NEW YORK - Chinese online gaming and software company CDC Corp. has hired enough personnel to ensure that its financial reports are accurate, it said Thursday.
The company filed its 2008 annual report on Tuesday, stating that the "material weaknesses" that existed in its financial reporting structure in 2007 have been fixed.
The weaknesses were mainly due to the lack of personnel with the right skills and experience to handle tax accounting, treasury transactions and financial reporting, the Hong Kong-based company said.
CDC previously restated its results for 2003 to 2005 because of the lack of personnel.
CDC shares fell 8 cents, or 5.2 percent, to $1.47 in morning trading.
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