A-Power Energy Generation Systems, Ltd.
Robbins Umeda LLP Announces an Investigation of A-Power Energy Generation Systems, Ltd.
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at A-Power Energy Generation Systems, Ltd. (NASDAQ: APWR). A-Power Energy provides onsite power generation systems and micro power grids for industrial companies in the People’s Republic of China. The company also designs, manufactures, installs, and sells control systems to monitor the performance of various electrical generating devices. The company was founded in 2003, and is headquartered in Shenyang, the People’s Republic of China.
Robbins Umeda LLP is investigating whether officers and directors of A-Power Energy issued materially false and misleading statements to investors designed to deceive the market and artificially inflate the company’s value. In particular, we are examining whether the company failed to properly account for related-party transactions. Once the nature of these transactions were made public, starting with the June 17, 2011 resignation of board member Robert G. Leckie, the company’s stock price began a precipitous decline in value. After trading as high as $20.55 per share on December 22, 2009, the company’s stock closed on June 17, 2011 at just $1.85.
Additionally, on June 27, 2011, A-Power Energy announced that it would be unable to file its Form-20 F on time with the U.S. Securities and Exchange Commission and that the company’s independent auditor, MSCM LLP, was resigning. On the same day that this news broke, the NASDAQ announced that it had indefinitely halted trading of A-Power Energy.
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