A-POWER CHINA WIND SUSPENDED FROM NASDAQ
Nasdaq supends A-Power listing
James Quilter, 28 September 2011 (Windpower Monthly)
"China-based A-Power Energy Systems has been suspended from the Nasdaq Stock Exchange…In response A-Power said its common shares would become eligible for trading on the OTC Pink Limited Information tier of OTC Markets Group.
"Nasdaq refused an A-Power request to appeal against the suspension…Nasdaq said it had halted trading in A-Power shares following the resignation of the company’s independent auditor MSCM LLP…The auditor said A-Power had not retained an independent forensic accounting team as it required."
"…[T]he troubled company is being investigated by the US Securities and Exchange Commission, which regulates listed companies…
"In June, A-Power announced that Shenyang Power Group Company, of which it owns 19.5%, had subcontracted part of the controversial planned 615MW Spinning Star wind farm in Texas to China Machinery Engineering Corp…[They will] raise $260 million in debt financing in China for Spinning Star."