Chen Xiangzhi, CEO of Chinese chemical maker ShengdaTech, is being sued by board members after the company filed for bankruptcy earlier this month, Bloomberg reported. The lawsuit accuses Chen of seeking to obstruct further investigation of the company’s finances and trying to oust a chief restructuring officer hired to oversee the bankruptcy proceedings. ShengdaTech has traded on NASDAQ since 2006, when it purchased Zeolite Exploration in a reverse-merger transaction. Many other Chinese companies listed in the US through this mechanism have been accused of fraud or other forms of corporate governance problems. Shengda Tech was delisted in April after failing to file an annual financial report. Court papers filed by the company in September listed assets of US$295.4 million and debt of US$180.9 million.