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May 16 (Bloomberg) -- Ambow Education Holding Ltd., 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.

To contact the reporter on this story: Ye Xie in New York at yxie6@bloomberg.net;

To contact the editor responsible for this story: Tal Barak Harif at tbarak@bloomberg.net

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