Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

CVVT auditor upgrade process and timing

|Includes: China Valves Technology, Inc. (CVVT)

At the recent Roth conference in California, CVVT management gave more details on the auditor upgrade process.

For the last week there has been a big 4 auditor appraising the three acquisitions of 2010 which have been questioned by Citron and been the reason for the 10 class action lawsuits.  At this time, one of the three acquisitions has been given a clean bill of health.  The other two appraisals should be completed within the next two to three weeks.

After that final qualification of the accounts, another big 4 auditor will be given the green light to sign on board to represent CVVT.

When this occurs, the class action suits will effectively be deemed baseless and without merit.