AgFeed Industries Establishes Special Committee to Conduct Investigation Into Accounting Practices of Chinese Operations; Announces Appointment of New Director
AgFeed Industries, Inc. (Nasdaq: FEED) announced today that its Board of Directors has established a special committee to investigate the accounting relating to certain of the Company's Chinese farm assets (acquired during 2007 and 2008) used in its hog production business, as well as the validity and collectability of certain of the Company's accounts receivables relating to its animal nutrition business in China and any other issues that may arise during the course of the investigation.
The special committee is comprised of directors Milton P. Webster, III and Bruce Ginn, a newly appointed director, as described further below. The special committee is authorized to retain experts and advisers to carry out its investigation and has engaged Latham & Watkins LLP to serve as its independent counsel in connection with the investigation.
The Company does not intend to provide further comment regarding the matters under investigation until after the special committee concludes its investigation.
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