The Nasdaq suspends Sino Clean Energy (SCEI) effective September 25, as the result of a final determination to delist the company. The stock, which has been subject to a trading halt since May 21, may now be eligible to resume trading in the over the counter market.
Sino Clean Energy (SCEI), whose shares were halted earlier, has suspended production at its plant in Dongguan in China at the request of a court, pending the outcome of a lawsuit filed against the previous owner of the facility.
Sino Clean Energy (SCEI +16.7%) extends gains that have more than doubled share prices since March 1. The stock has surged since Thornhill Capital, which SCEI's audit committee had engaged to evaluate its financials, gave the company a "clean bill of health" and concluded its fixed asset balances are accurate and unlikely to have been materially misstated.
Brock SIlvers - a member of the Board of Directors of Sino Clean Energy (SCEI) who served on the audit committee - has resigned after the Board rejects his suggestion for the formation of a special group to investigate fraud allegations at the company. Shares -8.5% AH after falling 4.7% in the regular session.