Cohen Milstein Sellers & Toll PLLC Announces Investigation Of A-Power Energy Generation Systems, Ltd.
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether A-Power Energy Generation Systems, Ltd. (“APWR” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Class action lawsuits have been filed in the U.S. District Courts for the Central District of California and the District of Nevada by other law firms on behalf of purchasers of the common stock of A-Power Energy Generation Systems, Ltd. (NASDAQ:APWR) between March 31, 2008 and June 27, 2011, inclusive (the “Class Period”).
A-Power Energy Generation Systems, Ltd., through its subsidiaries, purports to be the largest provider of distributed power generation systems in China, focusing on the design, construction, and installation of distributed generation systems in China.
The complaints allege that APWR and certain of its officers and/or directors (“Defendants”) misrepresented and/or failed to disclose that: (1) APWR improperly accounted for its related-party transactions such that its financial statements were presented in violation of U.S. Generally Accepted Accounting Principles; and (2) APWR’s revenues and income were materially overstated.On March 28, 2011, the Company announced that its 2010 earnings call would be postponed to a date not yet determined to allow auditors to complete work on the Company’s financial statements and audit, but insisted that the delay was not due to any accounting errors or irregularities. However, between June 17 and July 5, three independent directors of the Company and its CFO left the Company. One director resigned “as a result of concerns that his views on process and best practices were not necessarily shared throughout the Company.” On June 17, 2011 Seeking Alpha published an article on APWR, which discussed the Company’s alleged internal control weaknesses and discrepancies between the revenues and profits reported in the U.S. versus those reported in China. On June 27, 2011, the Company announced that its auditor, MSCM LLP, had resigned, and that APWR would be unable to timely file its 2010 Form 20-F. Trading in the Company’s stock was halted just prior to this June 27 announcement, with APWR shares priced at $1.67. The shares have not traded since June 27. Cohen Milstein encourages all investors who purchased APWR common stock or former employees with information concerning this matter to contact the firm.
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