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A-Power Energy Generation Systems (APWR US)

Year: 2011

A-Power was attacked by short-seller Prescience Point in June 2011, alleging faked sales and profits. Shortly thereafter, its auditor MSCM resigned citing a lack of information to complete the audit of FY10 financials. The company then announced that it would be unable to file its 20-F on a timely basis. Independent directors resigned, citing disagreement with the company's course of action. In August, the SEC opened an investigation asking for information which the company failed to provide. The last communication from the company was in November 2011, after which it appears to have gone dark. A-Power is a confirmed fraud.

Last update August 2021

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