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Chinese internet content and application delivery firm ChinaCache International Holdings Ltd (NASDAQ:CCIH), shares were crashing Friday after the company announced that it and its former CEO and Chairman Song Wang are investigated in connection with bribery allegations — and that Song has resigned from his positions and has been taken into custody.
ChinaCache shares were down 16.24 percent at 92 cents at the time of publication Friday.
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The government prosecutors' office in Beijing is investigating ChinaCache and Song, the company said.
The board has appointed Bin Liu as the company's acting CEO effective Friday.
The legal proceedings are still at an early stage, and ChinaCache is unable to assess the likely outcomes, the company said.
"The independent members of the Board plan to launch an internal investigation of the bribery-related allegations and to engage outside advisers to assist the independent members of the Board in conducting such investigation as soon as practicable," Jean Xiaohong Kou, a director and senior vice president at ChicaCache, said in a statement.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.