Sinovel Says Company Is Under Investigation by Chinese Regulator
Stock Chart for Sinovel Wind Group Co Ltd (601558)
Sinovel Wind Group Co. (601558), China’s third-biggest maker of wind turbines, said it’s being investigated for suspected violations of securities laws and regulations.
The company received a notice from China Securities Regulatory Commission on the decision to start the probe, and will cooperate, according to a filing to the Shanghai Stock Exchange yesterday. The statement didn’t provide more details.
Sinovel, based in Beijing, in March revised down 2011 profit by 22 percent to 607.4 million yuan ($99.1 million) due to an accounting error.
The turbine company also is embroiled in a legal dispute with Devens, Massachusetts-based American Superconductor Corp. (AMSC), which is seeking more than $1.2 billion in damages in Chinese courts from its former largest customer. AMSC accused Sinovel of stealing its technology and violating sales contracts.
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