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What: Camelot Information Systems
So what: Several Chinese companies, including Longtop Financial Technologies
Now what: On Wednesday Camelot announced a $20 million stock buyback program. Today it issued a press release explaining a large number of accounts with small balances and provided a copy of a Citibank statement that accounts for 73% of its cash, unaudited cash flow statements for the first quarters of 2011 and 2010, and an unaudited list identifying the cash balance and location of each of its bank accounts. Despite the information being unaudited -- and questions about the quality of audited financial statements of Chinese companies -- investors are comforted by the additional information.
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Fool contributor Cindy Johnson does not own shares of any company named above. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.