Last year, China Agritech, Inc., raised $21 million in a secondary public offering and claimed to have revenue of $119 million, up more than 50 percent over the prior year. This year, it became the target of a securities class action and was delisted from the Nasdaq exchange.
The Beijing-based company became public through a reverse merger, a process by which a company gains a public listing by merging with a public shell company with little or no operations.
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