Hall of Shame

Industrials

Advanced Battery Technologies (ABAT US)

Year: 2011

Chinese rechargeable battery manufacturer, Advanced Battery Technologies (ABAT), listed via a reverse merger in 2004. It was attacked by an anonymous blogger in March 2011 alleging that most of it sales and profits had been made up. The company's chairman was reported to be embezzling funds through fictitious acquisitions. This prompted a collapse in the company's share price. In May, short-seller Kerrisdale Capital published a report with similar findings. In October, the company's CFO resigned and then in November, the company announced that it had received a notice of de-listing from the NASDAQ for failing to provide cash confirmation which the NASDAQ had requested. The company is a confirmed fraud which appears to have parked fake profits in fabricated cash balances.

Last updated November 2021

lock03 Read More

Back