A-POW ENGY : Faruqi & Faruqi, LLP Announces Investigation of A-Power Energy Generation Systems, Ltd.
07/06/2011 | 01:10pm
Faruqi & Faruqi, LLP, a national law firm concentrating on investor
rights, consumer rights and enforcement of federal antitrust laws, is
investigating potential wrongdoing at A-Power Energy Generation Systems,
Ltd. ("A-Power" or the "Company") (NASDAQ: APWR). Faruqi & Faruqi, LLP
seeks to determine whether A-Power violated federal securities laws in
connection with statements made to the Company's shareholders.
Request more information now by clicking here: www.faruqilaw.com/APWR
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.
Take Action
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 encourages anyone with information regarding
A-Power's conduct during the period in question to contact the firm,
including whistleblowers, former employees, shareholders and others.
About Faruqi & Faruqi, LLP
Faruqi & Faruqi, LLP is a national law firm, representing investors,
consumers and companies in the prosecution of claims under state
corporate and consumer laws and the federal securities and antitrust
laws. The firm is focused on providing exemplary legal services in
complex litigation. Founded in 1995, the firm maintains its principal
office in New York City, with offices in Delaware, California, Florida
and Pennsylvania. The lawyers at Faruqi & Faruqi, LLP have demonstrated
a clear commitment to championing the rights of shareholders and
consumers nationwide.
Attorney Advertising. (C) 2011 Faruqi & Faruqi, LLP. The law firm
responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com).
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Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New
York, NY 10017
Attn: Anthony Vozzolo, Esq.
avozzolo@faruqilaw.com
Toll
Free: (877) 247-4292
Phone: (212) 983-9330
© Business Wire 2011
