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Chinese firms drop after DOJ probe

NEW YORK : Shares of US-listed Chinese companies fell on Thursday after a top securities regulator said US criminal au
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By Muhammad Iqbal
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tyuioaNEW YORK: Shares of US-listed Chinese companies fell on Thursday after a top securities regulator said US criminal authorities are investigating accounting irregularities at Chinese companies listed on US stock exchanges.

Among companies that fell, Sohu.com Inc dropped 7.8 percent to $48.99, Baidu Inc lost 6 percent to $114, and China Sky One Medical Inc declined 7.6 percent to $2.19, while Sina Corp fell 8 percent to $74.60.

"There are parts of the Justice Department that are actively engaged in this area," Robert Khuzami, director of enforcement at the US Securities and Exchange Commission, told Reuters in an interview conducted this week and published on Thursday.

Copyright Reuters, 2011

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