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.