BEIJING, Jan 13 (Reuters) - Sinovel Wind Group Ltd. , the power generation company accused by the U.S. government of industrial espionage, announced that it is under criminal investigation by China's stock markets regulator for allegedly breaking securities laws.
Sinovel, once the biggest wind turbine manufacturer in China, made the announcement in a notice to the Shanghai Stock Exchange dated Sunday.
Shares in the company dropped 9.9 percent on Monday. The stock has lost more than 80 percent of its value since the company listed in January, 2011.
Beijing-based Sinovel said that it would "actively cooperate" with the investigation by the China Securities Regulatory Commission.
Last June, the U.S. Department of Justice charged Sinovel and two of its executives, Su Liying and Zhao Haichun, with stealing proprietary software from AMSC, a Devens, Massachusetts-based company.
Also charged was Dejan Karabasevic, an AMSC employee whom Sinovel gave an 11 million yuan ($1.82 million) contract to hand over company source code.
AMSC once provided wind turbine design, engineering services and power electronics and controls to Sinovel. U.S. authorities said the alleged theft cost AMSC $800 million.
AMSC also is suing Sinovel for intellectual property theft at the Beijing High Court, where a decision is expected to be handed down shortly.
Sinovel announced in December that it had changed its corporate auditor. The company also has announced many key personnel changes in recent months.
Going to buy 10k shares on that note... it's worth 15k to see what these crooks are up to. Another million shares across with down grades, hmmm.
Future assets and intellectual property doesn't appear to be worth a great deal. It's amazing that they can secure an additional loan...just saying.
So does the restaurants, bars, barber Shop, grocery stores, sporting events or any service I use I have to pay up front. Get a life.
They need cash...
Cash for new business and to operate.
May see offering soon if no news on suit.
It's all about new business. I don't think that we will see any fireworks though, let's hope we still have enough cash while we patiently wait...
He owns more than 10 percent of the company, I'm sure he is involved...
He knew what he was doing, chitty earnings report allows him to pile up the shares without driving the price up. Kevin doesn't need the cash next week for groceries, if this pops on news it will continue to move while he while his sell programs kick in...
We need more new business to sustain stock price, the other news is any bodies guess. Hold and add more on dips.
Peace out and good luck.