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China Shenghuo Announces Restated Results For Full Year 2007 & First Quarter 2008, Reports Results For Second & Third Quarter 2008
Date:11/20/2008

KUNMING, China, Nov. 20 /PRNewswire-FirstCall/ -- China Shenghuo Pharmaceutical Holdings, Inc. (NYSE Alternext US: KUN) ("China Shenghuo" or the "Company"), today announced that, consistent with its previous announcements, it has filed with the United States Securities and Exchange Commission (the "SEC") an amended Annual Report on Form 10-KSB/A for the year ended December 31, 2007, an amended Quarterly Report on Form 10-Q/A for the first quarter ended March 31, 2008 and Quarterly Reports on Form 10-Q for the second quarter ended June 30, 2008 and the third quarter ended September 30, 2008.

As previously discussed, an independent internal investigation found that two of the Company's financial department personnel improperly accounted for the collection of certain trade receivables and employee advances. As a result of these accounting errors, the Company determined that it had understated its bad debt allowance, which resulted in the understatement of general and administrative expenses and the overstatement of net income and earnings per share for the full year 2007 and first quarter 2008.

The Audit Committee found no evidence to suggest that these accounting errors were made at the direction of, or with the knowledge or involvement of, the Company's executive officers and management. The two employees found to be responsible for the accounting errors have been dismissed by the Company. The Company also recently announced the appointment of Wendy Fu, a US licensed CPA, as the Company's new Chief Financial Officer. Ms. Fu has replaced Ms. Gao, the Company's former Chief Financial Officer, who now heads the Company's internal control group.

Mr. Gui Hua Lan, Chief Executive Officer of China Shenghuo, said, "As a result of the errors that have come to light, we are implementing significant remedial measures and other actions to address our weaknesses in internal control. The appointment of our ne
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SOURCE China Shenghuo Pharmaceutical Holdings, Inc.
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