A-Power Energy Generation Systems, Ltd. Under Investor Investigation Over Possible Securities Laws Violations

If you purchased shares of A-Power Energy Generation Systems, Ltd. (NASDAQ: APWR), and/or if you have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s): 
A-Power Energy Generation Systems
Affected Securities: 

Following a substantial stock price decline an investigation on behalf of investors of A-Power Energy Generation Systems, Ltd. (NASDAQ:APWR) over potential violations of Federal Securities Laws was announced.

The investigation by a law firm focuses on potential securities claims against A-Power Energy Generation Systems, Ltd. resulting from allegations that the company may have issued materially misleading financial statements and business information to the investing public.
A-Power Energy Generation Systems, Ltd. reported a substantial increase in its annual Revenue from $98.70million in 2006 to $311.25million in 2009. However, it reported a decrease in its Net Income from $28.52million for 2008 to a Net Loss of $16.69million in 2009.

Shares of A-Power Energy Generation Systems, Ltd. (NASDAQ APWR) rose in 2008 as high as $30.79 during June and fell until the end of 08 to $3.45 per share. In 2009 APWR shares increased from as low as $3.36 in March 09 to $19.58 on December 24, 2009. Since then APWR stock fell to $1.85 per share on June 17, 2011 when A-Power Energy Generation Systems issued a press release announcing that Robert B. Leckie had resigned from its Board of Directors "as a result of concerns that his views on process and best practices were not necessarily shared throughout the Company."
The same day an article was published on Seeking Alpha raising a number of red flags of fraud at A-Power Energy Generation Systems, Ltd, including allegations that the 2009 financial statements filed by A-Power Energy Generation Systems' main subsidiaries with Chinese regulators showed less than one-tenth of the revenue and cash balances, which appear in A-Power Energy Generation Systems' financial statements filed with the U.S. Securities and Exchange Commission.
On June 27, 2011, A-Power Energy Generation Systems, Ltd. (NASDAQ: APWR) announced that its independent auditor, MSCM LLP, has resigned. A-Power Energy Generation Systems said that as a result of MSCM's resignation, -Power Energy Generation Systems annual report on Form 20-F for the year 2010 will be delayed beyond June 30, 2011, the date the filing is due at the Securities and Exchange Commission. Then on June 28, 2011, A-Power Energy Generation Systems, Ltd. (NASDAQ: APWR) announced that two independent directors on its board of directors have resigned, effective June 27, 2011.
NASDAQ APWR stock fell on Monday, June 27, 2011, to $1.67 per share.