May 30, 2013
/PRNewswire/ -- China's largest display advertising company
Focus Media Holdings
(Nasdaq: FMCN) has successfully exited the NASDAQ Stock Market in a
acquisition advised by JP Morgan. The buyout is the largest
based company in history that has abandoned the NASDAQ Stock Market. Focus Media Holdings is an investment portfolio company of global investment firm
New York Global Group
The Carlyle Group
led the financing.
Focus Media joins more than 30 China based companies that have left the NASDAQ Stock Market since 2011. The massive exodus from the NASDAQ followed
CleanTech Innovations, Inc.
's bizarre delisting by the NASDAQ in 2011. NASDAQ delisted CleanTech for a vague and ambiguous reason: "discretionary authority," even though NASDAQ recognized that CleanTech more than complied with all listing standards. The New York Stock Exchange also has multiple listings of
based companies. In contrast to the NASDAQ, the NYSE however has never cited "discretionary authority" as the basis for delisting any Chinese companies.
During CleanTech's delisting appeal within the NASDAQ, the
NASDAQ General Counsel's office allegedly rigged the appeal process
and reversed an independent
NASDAQ Hearing & Listing Review Council
decision in favor of CleanTech. The General Counsel's office claimed that the submission of CleanTech's brief in accordance with instructions from the General Counsel's office constituted an
"ex parte" communication
. CleanTech filed an appeal to the SEC about 1.5 years ago and the SEC has not made a decision. The SEC has no rule defining the time limit for making such decisions.
CleanTech's mainly American shareholders have lost more than
, NASDAQ was also sued for massive investor losses in
NASDAQ's disastrous listing of Facebook
, the SEC levied a record fine against the NADAQ for regulatory violations, as reported by
Fox Business News
sued the NASDAQ
for discrimination. In 2011,
, the Head of
NASDAQ Listing Qualifications Department
stating on the record that the NASDAQ had made it a policy to single out Chinese companies and delist them in order to "send a message to the world about the Chinese." Former U.S. Senator
, acting as legal counsel to CleanTech Innovations, Inc.,
accused the NASDAQ
of "a miscarriage of justice" and
sued the NASDAQ Stock Market and NASDAQ's Michael Emen for racism and discrimination
James N. Baxter
, Chairman of
New York Global Group
commented: "New York Global Group congratulates our portfolio company Focus Media and its CEO
for their determination and success in exiting the NASDAQ Stock Market. However, as a proud American and a long time participant in the U.S. capital markets, I am disappointed that the unregulated "short and distort" tactics of often anonymous market manipulators have created an atmosphere in which important international companies such as Focus Media prefer to abandon the U.S. capital market."
SOURCE New York Global Group