Hall of Shame

Industrials

CBAK Energy Technology, Inc (CBAT US)

Year: 2020

CBAK Energy Technology (CBAK) was the product of a 2005 reverse merger. In December 2012, it was attacked by short-seller MOX Reports which alleged that it was a pump and dump bordering on insolvency. In July 2014, CBAK was then attacked by a second short-seller, GeoInvesting, which claimed that the banks had foreclosed on CBAK's main operating asset and that it was worthless. In December 2020, a third short-seller, J-Capital, alleged that CBAK was faking its sales and likely cleaning it from the accounts via inflated capex. The company subsequently went on to raise US$70m through an equity offering managed by FT Global. Since the allegations were made the company has managed to file audited results meaning that they remain unproven.

Last updated September 2021

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