Key Developments: Tianyin Pharmaceutical Co Inc (TPI)
6 Dec 2013
Latest Key Developments (Source: Significant Developments)
Tianyin Pharmaceutical Co Inc announced that as of October 8, 2013, the Audit Committee and the Board of Directors of TPI (the Company) both unanimously approved the termination of the Company's independent auditor, Patrizio and Zhao LLC (P&Z), due to the fact that P&Z agreed to a cease-and-desist order and prohibition from practicing before the Securities and Exchange Commission (the SEC) on September 30, 2013, with the right to apply for reinstatement after three years. engagement with P&Z on October 8, 2013, there were no: (1) disagreements with P&Z on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to their satisfaction, would have caused them to make reference in connection with their opinion to the subject matter of the disagreements, or (2) reportable events. Since P&Z is barred from practicing before the SEC, financial statements for a period previously audited by P&Z and required to be included in a filing made by the Company after September 30, 2013 will have to be re-audited by a firm that is registered with the PCAOB. Currently, the Company is evaluating options to appoint a new independent registered public accounting firm to replace P&Z. Full Article
Tianyin Pharmaceutical Co Inc announced that for fiscal 2014, it expects revenue growth to range from 0% to 5%. The Company reported revenue of $67.5 million in fiscal 2013. Full Article
Tianyin Pharmaceutical Co Inc reiterated its fiscal 2013 revenue projection of approximately $75 million to $80 million. Full Article
Tianyin Pharmaceutical Co Inc revised its fiscal 2012 revenue guidance from $100 million to $66 million and net income guidance from $10 million to $6.5 million. Full Article
SYDNEY - Australia's Fortescue Metals Group Ltd is still pursuing a sale of a minority stake in its TPI rail and port infrastructure unit after announcing a $500 million investment by Taiwan's Formosa Plastics Group .