The company has admitted to copious book-cooking—it told investors in a December 2012 regulatory filing that financial reports from 2009-2011 " should no longer be relied upon ." What is unusual, though, is the plaintiffs' move to hold not just Deloitte's China office liable, but also its American one. The Securities Exchange Commission initiated administrative proceedings against the Chinese offices of Deloitte and other accounting firms for their failure to turn in audit work papers for Chinese companies facing fraud investigations. And other investor lawsuits also target the Chinese accounting units. But the ChinaCast lawsuit maintains that Deloitte's US office shares blame, because it deemed ChinaCast compliant with US accounting standards even though it was not, according to the complaint seen by Quartz.