Sinovel Wind Group Co., one of China's largest wind turbine manufacturers, said it is under investigation by the country's securities regulator for allegedly violating securities laws.
Sinovel Wind Group Co., one of
China
's
largest wind turbine manufacturers, said it is under investigation by the
country's securities regulator for allegedly violating securities laws.
In a filing to the Shanghai Stock Exchange late Sunday, Sinovel said it
received a notice of investigation from the China Securities Regulatory
Commission and that it would actively cooperate.
The company didn't specify the reason for the probe or any details on its
alleged violations in the filing.
A company press officer declined to comment further on the issue.
Its shares fell 9.9% on the Shanghai Stock Exchange on Monday to 3.54 yuan
(About $0.59).
In March, Sinovel disclosed that it had overstated its revenue by 10% and
profits by 20% in the first year after its successful initial public offering. A
month later, it said it mistakenly recognized revenue in 2011 from uncompleted
projects.
Sinovel said in May that it was cooperating with an investigation by the China
Securities Regulatory Commission into "alleged securities
violations." It wasn't immediately clear whether the latest statement
reflects a shift in that probe.
Sinovel has since said it appointed a longtime official with its financial-planning
department to the new post of chief auditor as well as new rules and procedures
to prevent future accounting errors.
Sinovel also faces headwinds in the
U.S.
In
June, the U.S. Justice Department alleged that Sinovel and two former employees
stole source code used to control wind turbines from Massachusetts-based
engineering firm AMSC and then shipped four turbines equipped with the code to
customers in the U.S. Sinovel has said it is studying the charges and hasn't
provided a formal response.
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