TAIYUAN CITY, China, Feb. 26, 2013 /PRNewswire/ -- Longwei Petroleum Investment Holding Ltd. (NYSE MKT: LPH) ("Longwei" or the "Company"), an energy company engaged in the storage and distribution of finished petroleum products in the People's Republic of China ("PRC"), announced that it has received notice from the NYSE MKT that the Company is not in compliance with Section 134 and 1101 of the NYSE MKT Company Guide (the "Company Guide") in that it failed to file its Quarterly Report on Form 10Q for the fiscal quarter ended December 31, 2012 in a timely manner.
As previously stated, Longwei believes the Geo Investing report dated January 3, 2013 contains numerous errors of facts, misleading speculations and malicious interpretations of events. Nevertheless, in order to provide the highest level of transparency to its shareholders, the Company and its legal counsel in the U.S. and the PRC, as well as its auditor are reviewing the allegations and management is cooperating with the review process. The Company intends to take further action to defend itself.
The NYSE MKT has informed the Company that it must submit a plan of compliance by March 6, 2013 advising the NYSE MKT what plan of action it will take to bring the Company into compliance with Sections 134 and 1101 of the Company Guide by no later than May 20, 2013.
NYSE MKT has notified the Company that it will remain on the list of issuers that are not in compliance with the NYSE MKT's continued listing standards. The Company intends to regain compliance within the allotted timeframe.
Not the same as UTRA, their auditor resigned and had raised questions on the audit and company didn't respond to them. So the delisting was the path they took. Here, as of now Anderson/Bradshaw is still on board and Toups (american CFO) is still around. With UTRA you had a chinese CFO signing the dellisting and 12b-25 forms. Not saying LPH is clean just highlighting that differing scenarios. Trust me final nail is half way down IMO, hope I'm wrong!
you notice that by the end of december, they already had the glowing results for october and november calculated, the huajie results and estimated great guidance for the next year. but when all they have to do is issue december results on top of it for the complete quarter it is impossible. if they were legit, it would not be a problem, but they can not issue real results, they would convict themselves. as far as one poster saying management has stayed on is positive. many of the 126 or so chinese scams have the same management. cai and toups are staying on because they are the head scammers and are trying to save themselves. the person on another post that says he would rather be long than short is going to lose most of his money, like me, because this will open at best on pinks and sell for .25. there will be plenty of sellers, so shorts should have no problem. i really wonder if he is an ex ceo or lying. any real ex ceo would know you have to issue true financials and if lph was 100% legit, they could come out swinging on the offensive with so much proof it would not be funny. this is the same pattern and follow through of most chinese scams. they have set a record for the number of law firms after them which tells you something.