Reported Earlier, LakeShore Biopharma Takes Decisive Action In Response To Criminal Allegations Against Former Chairman, Yi Zhang

Benzinga·12/13/2024 07:14:02

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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 positions within the Company and its subsidiaries, in accordance with the Company's Memorandum and Articles of Association effective at that time and relevant laws. This action was necessary to mitigate the damage caused by Yi Zhang and his associates. Under the new leadership, the Company's financial and operational performance has seen a marked improvement. The Company has achieved smooth operations, secured second position in China's Rabies vaccine market and reaffirmed the full year financial guidance through Fiscal Year 2025 ended March 31, 2025.

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