Goldman Sachs Suspends Rating On Longtop Financial Technologies

Goldman Sachs has suspended its rating on Longtop Financial Technologies LFT after the company announced yesterday that it would not be announcing its earnings release on May 23, 2011 as previously scheduled. In the report, Goldman writes, "We have suspended our investment rating , price target and earnings estimates on Longtop Financial Technologies because there is not currently a sufficient basis for determining an investment rating or price target for this company. Our previous investment rating, target price and earnings estimates are no longer in effect and should not be relied upon. We will continue to evaluate Longtop's fundamentals and to monitor developments related to the trading suspension and the delay in reporting." Longtop Financial Technologies closed yesterday at $18.93.