In what was an actual surprise, the NASDAQ halted China Agritech (CAGC) this morning. From their press release:
NEW YORK, March 14, 2011 (GLOBE NEWSWIRE) — The NASDAQ Stock Market® (Nasdaq:NDAQ) announced that trading was halted today in China Agritech, Inc. (Nasdaq:CAGC) at 07:34:32 a.m. Eastern Time for “additional information requested” from the company at a last price of $6.88. Trading will remain halted until China Agritech, Inc. has fully satisfied NASDAQ’s request for additional information.
The halt was precipitated by CAGC’s own press release, issued at the bizarre time of 12:20am Sunday morning ET. They will not be able to file their 10-K on time, and have no clue when they might be able to get it done. But don’t despair, because a VERY special committee of Directors has been formed:
BEIJING, March 13, 2011 /PRNewswire-Asia-FirstCall/ — China Agritech, Inc. (Nasdaq: CAGC)… a leading organic compound fertilizer manufacturer and distributor in China, announced that it has formed a Special Committee (the “Committee”) of its Board of Directors in order to investigate certain allegations made by third parties with respect to the Company and certain related issues. The Committee will consist of five members, including Gene Michael Bennett, Lunzhang Dai, and Hailin Zhang, who are members of the Audit Committee of the Board of Directors, and Zheng Wang and Xuenong Zhang, who are members of Board of Directors.
So here is today’s SAT prep question Fox::Henhouse as?
[UPDATE – China Shen Zhou Mining (SHZ) has formed their very own VERY special committee of Directors. No word on which directors make up that august body. Poor Kevin Theiss he now has two clients with Very Special Committees.]