Good Night A-Power Energy (APWR)

Perhaps last night’s news of an auditor resignation and another filing delay is the nail in the coffin for APWR at least for a very long time.  APWR warned in April that a delay was coming, but the resignation of the auditor comes as a surprise.  I began been bashing the management of this company last year (much to the chagrin of one APWR pumper) for showing a consistent lack of credibility and it’s no surprise that all this has culminated in a halting of the stock below the $2 level.  All the warning signs were there and management has a history of delaying financial reports.  As the number of Chinese stocks being halted continues to grow you have to wonder about the future of US listed Chinese ADR’s. 

APWR’s auditor resigned because it said APWR had not retained a qualified independent forensic accounting firm to evaluate certain business transactions that the firm needed to complete its audit.  APWR indicated it would begin the search for a new auditor.. probably one that will cooperate with the shady dealings at the company.  As a result of the resignation, the company’s annual report will be delayed.

UPDATE: 2 Directors Resign

The news isn’t getting any better for A-Power Energy (APWR).  It was also announced today that two directors have also resigned likely to protect whatever reputation they have left.   The chair of the audit committee resigned because he didn’t agree with the course of actions the company has taken in recent weeks.  The chair of the compensation committee also resigned over disagreements of recent events.

3 thoughts on “Good Night A-Power Energy (APWR)”

  1. I put my life’s savings in to this company. I paid 17$ a share and ive lost $440,000 My life is over.

  2. Its July 7 2011. I learned last week that APWR is a financial terrorist organization. They have stolen all my life’s savings and filled my life with terror. My ability to have a marginal dignified life in the U.S. has been stolen. I sold my house and invested in APWR because I saw that American real estate and the dollar were going down hill. I should have purchased silver. Now its over and I will be struggling to feed my self for what remains of my short life, while those terrorists hide in China. my wife died from M.S., after years of us suffering, so she isn’t here to see this crime, thank god. Don’t trust the stock exchange. Put your money in gold silver and under your mattress. The end for us the little people is close at hand.

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