Market Overview

SEC Suspends Trading in Puda Coal Shares

The Securities and Exchange Commission suspended trading in shares of China-based Puda Coal (PUDA) on August 19, due to a lack of current and accurate information on the company. The stock had resumed trading on Thursday after being suspended since April 11.

The suspension comes amid accounting fraud charges involving several publicly U.S. traded Chinese companies, whose stock prices have recently fallen sharply.

Puda admitted earlier this year there were inconsistencies in disclosures of unauthorized transactions made by Chairman Ming Zhao, involving shares of a business unit. In July, Puda's auditors resigned, saying investors should not rely on the firm's previously issued audit reports.

The suspension will be in effect till September 1.

Posted-In: News Legal Insider Trades Global

 

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