TAIYUAN, China, Jan. 13, 2012 /PRNewswire-Asia-FirstCall/ -- On December 20, 2011, Director of Puda Coal, Inc. ("Puda Coal" or the "Company"), Jianfei Ni, resigned from the Board of Directors and all the board committees that he served on.
On December 28, 2011, Puda Coal received a notice from the Securities and Exchange Commission (the "SEC"), which states that the staff of the SEC intends to recommend that the SEC authorize and institute administrative proceedings against the Company to determine whether the SEC should suspend or revoke the registration of each class of the Company's securities due to the Company's failure to comply with certain rules under the Securities Exchange Act of 1934, including the failure to file certain quarterly reports and non-compliance of the Company's previously filed annual reports due to the auditors' resignation and non-reliance advice. The SEC offered the Company an opportunity to make a Wells Submission no later than January 16, 2012 setting forth any reasons of law, policy or fact why the Company believes the administrative proceedings should not be brought, or bring any facts to the SEC's attention in connection with its consideration of this matter. The Company is considering its options.
SOURCE Puda Coal, Inc.