Ambow Education Holding Ltd. (AMBO), a Beijing-based education service provider, tumbled after it delayed filing its annual report and said it may reverse up to $15 million revenues in 2011 until cash is collected.
Ambow sank 18 percent, the most on record, to $4.65 in New York. It earlier declined as much as 27 percent. Trading volume was more than six times the three-month daily average.
The company is working to complete the audit and expects to file the annual report within a month, it said in a statement.
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