Thursday, October 4, 2007

Premarket: All China, All the Time

That's David Gaffen's headline at the WSJ's MarketBeat blog.
It made me laugh. I am deranged. Here's part of the post:

The most actively traded stock in premarket activity was LDK Solar, a China-based company that fell 24% yesterday after its controller alleged inconsistencies in LDK’s inventory reporting. The stock was down an additional 2.7% today in premarket action after the controller, Charley Situ, was fired.

Other China-based shares were once again hopping around in premarket action, with China Natural Resources rebounding from yesterday’s decline with a 10.8% gain; China Sunergy rose 4.4%, and e-Future Information Technology, which rose 2.8% in premarket action. CDC Mobile gained 9% in premarket action.

Here's the AP via Forbes:
LDK Probe Finds No Inventory Problems

Chinese solar wafer maker LDK Solar Co. Ltd. said Thursday an internal investigation - launched amid allegations of financial wrongdoing - found no problems with the company's bookkeeping.

The company's financial controller, Charley Situ, claimed after he was fired in late September that the company had been inconsistent in reporting inventory. LDK's management created an internal committee to investigate the allegations.

The company said its management team "found no material discrepancies as compared to LDK's financial statements" during the investigation and "believes that these allegations have no merit," according to a statement....MORE