Posted on 06/28/2011 5:54:20 PM PDT by DBeers
NEW YORK (TheStreet) -- Keep a sharp eye on Chinese companies facing deadlines to file their annual reports with the Securities and Exchange Commission. Among the disclosures that may come to light could be an auditor resignation, a trading halt, and a stock delisting.
That's the lesson of 2011 so far when it comes to equities hailing from the People's Republic. On Monday, A-Power Energy(APWR), yet another Chinese business that sought capital from U.S. investors by merging with a shell company, said its auditor had resigned, forcing the delay of its annual report. The resignation led to a trading halt called by the Nasdaq exchange after the closing bell Monday.
The A-Power case was especially intriguing, given the company's high-profile efforts to build wind-energy projects in Nevada and Texas alongside luminaries such as Sen. Harry Reid, among others.
(Excerpt) Read more at thestreet.com ...
"Winning The Future" one failure at a time.
I wonder if APWR and or its executive officers contributed anything to Sen. Harry Reid?
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