NEW YORK, NY / ACCESSWIRE / September 19, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Tengjun Biotechnology Corp.("Tengiun" or the "Company") (OTCQB:TJBH). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Tengiun and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On September 5, 2023, Tengjun announced that its previous financial statements on Form 10-K for "the fiscal year ended December 31, 2022, should no longer be relied upon due to accounting methodology errors in such financial statements and that the Board deems it advisable and in the best interests of the Company to restate the financial statements by amending its annual report on Form 10-K for the fiscal year ended December 31, 2022 as soon as reasonably practicable."
On this news, Tengjun's American Depositary Share ("ADS") price fell $3.15 per ADS, or 17.64%, to close at $14.71 per ADS on September 5, 2023.
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SOURCE: Pomerantz LLP