LianBio Issues Statement Regarding the HFCAA
LianBio (Nasdaq: LIAN) announced on March 8, 2022, that it is not identified as a 'Commission-Identified Issuer' under the Holding Foreign Companies Accountable Act (HFCAA) by the U.S. Securities and Exchange Commission (SEC).
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Rhea-AI Summary
LianBio (Nasdaq: LIAN) announced on March 8, 2022, that it is not identified as a 'Commission-Identified Issuer' under the Holding Foreign Companies Accountable Act (HFCAA) by the U.S. Securities and Exchange Commission (SEC).
Due to its principal auditor being a PCAOB-inspected firm in New York, LianBio expects to remain compliant and not subject to HFCAA provisions affecting companies with foreign auditors.
Positive
- LianBio is not listed as a 'Commission-Identified Issuer,' indicating strong audit compliance.
- The company's principal auditor is PCAOB-inspected, ensuring transparency and credibility.
Negative
- None.
Details
News Market Reaction – LIAN
The recorded move for LIAN in the trading session of this news was -8.87%.
Data tracked by StockTitan Argus. Session date unavailable.
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Company’s principal auditor is located in the United States and is currently inspected by the PCAOB
SHANGHAI and PRINCETON, N.J., March 10, 2022 (GLOBE NEWSWIRE) -- Following the Determination Report of the Public Company Accounting Oversight Board (“PCAOB”) issued on December 16, 2021, on March 8, 2022 the U.S. Securities and Exchange Commission (the “SEC”) released a provisional list of companies identified as “Commission-Identified Issuers” under the Holding Foreign Companies Accountable Act (“HFCAA”). LianBio (Nasdaq: LIAN) is not currently on this list and does not expect to be named by the SEC as a “Commission Identified Issuer” under the HFCAA.
Unlike the companies currently identified on the SEC’s provision list, LianBio’s retained principal auditor is a large independent public accounting firm located in New York, USA and is currently inspected by the PCAOB. Therefore, LianBio does not believe it will be subject to the provisions under the HFCAA that are applicable to issuers whose auditors are located in a foreign jurisdiction and that the PCAOB is unable to inspect or investigate.
Important information and disclosures on these topics contained in LianBio’s public filings are available on its website and at www.sec.gov.
About LianBio
LianBio is a cross-border biotechnology company on a mission to bring transformative medicines to historically underserved patients in China and other Asian markets. Through partnerships with highly innovative biopharmaceutical companies around the world, LianBio is advancing a diversified portfolio of clinically validated product candidates with the potential to drive new standards of care across cardiovascular, oncology, ophthalmology, inflammatory disease and respiratory indications. LianBio is establishing an international infrastructure to position the company as a partner of choice with a platform to provide access to China and other Asian markets. For more information, please visit www.lianbio.com
For media inquiries, please contact:
katherine.smith@canalecomm.com
For investor inquiries, please contact:
IR@lianbio.com
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