NEW YORK, July 1, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP has been retained to file a securities fraud class action against A-Power Energy Generation Systems, Ltd. ("A-Power" or the "Company") for the period June 16, 2009 to June 27, 2011. Such investors are advised to contact Fei-Lu Qian at flqian@pomlaw.com or 888-476-6529, ext. 350.
On June 17, 2011, the Company issued a press release announcing that Robert B. Leckie had resigned from the Company's Board of Directors "as a result of concerns that his views on process and best practices were not necessarily shared throughout the Company." Later in the day, Seeking Alpha raised a number of red flags of fraud at the Company, including allegations that the 2009 financial statements filed by A-Power's main subsidiaries with Chinese regulators showed less than one-tenth of the revenue and cash balances compared to A-Power's financial statements filed with the SEC.
On June 27, 2011, A-Power announced that its independent auditor, MSCM LLP had resigned effective June 26, 2011, and that its end-of-year 2010 Form 20-F filing would be delayed. Trading of the Company's shares was halted on the same day by NASDAQ until the Company could provide "additional information." On June 28, 2011, the Company announced that the Chairs of its Board of Director's audit and compensation committees had resigned effective June 27, 2011.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.