Data Bytes: biotechs that could face pressure to de-list due to foreign auditing

More than a dozen life sciences companies appear on a Public Company Accounting Oversight Board list of U.S.-traded companies audited by firms based in countries where the board’s ability to conduct inspections is impaired: China, including Hong Kong; France; and Belgium. 

In May, the U.S. Senate unanimously passed a bill that would prohibit a company’s securities from being listed on any U.S. exchange if the company has failed to comply with audits by PCAOB for three years in a row. The Holding Foreign Companies Accountable Act would apply to all foreign-based companies; however, bill sponsors Sens. John Kennedy (R-La.) and Chris Van Hollen (D-Md.) made clear that China is the target of the bill (see “Proposed Legislation Could Deter Chinese Biotechs”). ...