LakeShore Biopharma Provides Update on Ongoing Criminal Investigation Involving Former Chairman in China
LakeShore Biopharma Co., Ltd - Ordinary Shares (LSB)
Company Research
Source: GlobeNewswire
BEIJING, Dec. 12, 2024 (GLOBE NEWSWIRE) -- LakeShore Biopharma Co., Ltd. (Nasdaq: LSB) (“LakeShore Biopharma” or the “Company”), a leading global biopharmaceutical company focused on the innovation and production of vaccines and therapeutic biologics for infectious diseases and cancer, today announced that the Shenyang Municipal Public Security Bureau in China (the “Bureau”) has initiated criminal investigations into actions taken by former chairman of the board of directors Yi Zhang (“Former Chairman”). Investigation Details: The Company has uncovered evidence suggesting that Yi Zhang, during his tenure in key executive roles, misappropriated corporate assets for personal gain and mismanaged the Company, resulting in significant financial losses over past several years, thereby seriously harming the interests of shareholders of the Company. Corrective Actions: In response to these revelations, by March 2024, the Company took decisive action to remove Yi Zhang from all executive p
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