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The investigation focuses on whether certain individuals violated federal securities laws by, among other things, failing to disclose that: (i) A-Power improperly accounted for its related-party transactions and that its financial statements were presented in violation of Generally Accepted Accounting Principles ("GAAP"); and (ii) A-Power's revenues and income were misstated in violation of GAAP.
On June 17, 2011, Seeking Alpha published an article highlighting a history of internal weakness over financial controls at the Company and how the Company's 2009 financial statements filed with Chinese regulator reflected less than one-tenth of the revenue and cash balances reflected in the financial statements A-Power filed with the SEC. On June 27, 2011, the Company announced that its independent auditor, MSCM LLP ("MSCM"), had resigned because the Company had not retained a qualified independent forensic accounting firm to evaluate certain business transactions MSCM stated was necessary for MSCM to complete its audit of the Company's financial statements for fiscal year 2010. A-Power also acknowledged MSCM's resignation would cause it to miss the June 30, 2011 deadline to file its annual report with the SEC. On June 28, 2011, the Company announced that two of its independent directors have resigned effective June 27, 2011. A-Power's shares were subsequently halted at $1.67 per share due to lack of information provided to NASDAQ.
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If you purchased A-Power securities between August 27, 2009 and June 27, 20011, and you would like to discuss your legal rights, visit www.faruqilaw.com/APWR. You can also contact us by calling Anthony Vozzolo toll free at 877-247-4292 or at 212-983-9330 or by sending an email to avozzolo@faruqilaw.com. Faruqi & Faruqi, LLP also encourage bmw s anyone with information regarding A-Power's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
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