Thursday, 25 Aug 2011
It is reported that the Securities and Exchange Commission suspended trading of China-based Puda Coal Inc citing a lack of current and accurate information on the company.
The move comes amid heightened scrutiny of Chinese companies listed in the US many of which have seen their stock tumble amid auditing problems and stubborn rumors of other improprieties. After an investigation, Puda earlier this year admitted it found evidence that supported allegations that Chairman Mr Ming Zhao had made unauthorized transactions in the shares of a business unit that were inconsistent with company disclosures.
The SEC recently cited the company findings as well as the July resignation of its auditors who said investors should no longer rely on the firm's previously issued audit reports. The agency ordered that trading be suspended through September 1.
The Chinese producer of high grade metallurgical coking coal which is used in steelmaking last month said it submitted a plan to the New York Stock Exchange Amex to regain compliance with its listing standards.
(Sourced from Dow Jones Newswires)
It is reported that the Securities and Exchange Commission suspended trading of China-based Puda Coal Inc citing a lack of current and accurate information on the company.
The move comes amid heightened scrutiny of Chinese companies listed in the US many of which have seen their stock tumble amid auditing problems and stubborn rumors of other improprieties. After an investigation, Puda earlier this year admitted it found evidence that supported allegations that Chairman Mr Ming Zhao had made unauthorized transactions in the shares of a business unit that were inconsistent with company disclosures.
The SEC recently cited the company findings as well as the July resignation of its auditors who said investors should no longer rely on the firm's previously issued audit reports. The agency ordered that trading be suspended through September 1.
The Chinese producer of high grade metallurgical coking coal which is used in steelmaking last month said it submitted a plan to the New York Stock Exchange Amex to regain compliance with its listing standards.
(Sourced from Dow Jones Newswires)
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