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LDK .What the heck happened??
- Thread starter dylan57
- Start date
Quote from damnit:
You sound like a long bag holder.
If you are referring to me I don't have any LDK and have never owned it or shorted it. Personally I can't buy or short anything that hasn't had time to build a trading pattern.
But, these manias(Chinese Stocks) usually go much, much further than anyone anticipates.
Quote from dylan57:
Fell 24% today, most of it happening in the last half hour. Looked like good news came out about them getting a contract to supply solar wafers to Taiwan's solartech company.Can anybody fill me in?
NEW YORK, Oct 3 (Reuters) - Stock in Chinese-based solar wafer maker LDK Solar Co (LDK.N: Quote, Profile, Research) fell almost 25 percent on Wednesday after a report that its financial controller had left the company amid poor controls and an inventory discrepancy.
There was no immediate comment from LDK, which is based in Jiangxi, China, and has offices in Sunnyvale, California.
In a research note, Piper Jaffray said it had confirmed that LDK's financial controller had recently left the company.
"We are also aware of the former controller's allegations of poor financial controls and a ... inventory discrepancy.
"News of the departure may pressure the stock short term," the note said.
Piper Jaffray said the allegations were made to both the Securities and Exchange Commission and the external auditor KPMG. It said it has spoken to LDK's chief financial officer who assured Piper of its inventory of polysilicon.
LDK Solar was launched with an initial public offering in June and hit a year-high share price of $76.75 on Sept. 27. On Wednesday its stock closed on the New York Stock down $16.66, or 24.39 percent, at $51.65.
The company manufactures the wafers used in solar panels.
Quote from quantsteve:
NEW YORK, Oct 3 (Reuters) - Stock in Chinese-based solar wafer maker LDK Solar Co (LDK.N: Quote, Profile, Research) fell almost 25 percent on Wednesday after a report that its financial controller had left the company amid poor controls and an inventory discrepancy.
There was no immediate comment from LDK, which is based in Jiangxi, China, and has offices in Sunnyvale, California.
In a research note, Piper Jaffray said it had confirmed that LDK's financial controller had recently left the company.
"We are also aware of the former controller's allegations of poor financial controls and a ... inventory discrepancy.
"News of the departure may pressure the stock short term," the note said.
Piper Jaffray said the allegations were made to both the Securities and Exchange Commission and the external auditor KPMG. It said it has spoken to LDK's chief financial officer who assured Piper of its inventory of polysilicon.
LDK Solar was launched with an initial public offering in June and hit a year-high share price of $76.75 on Sept. 27. On Wednesday its stock closed on the New York Stock down $16.66, or 24.39 percent, at $51.65.
The company manufactures the wafers used in solar panels.
Was caught on the wrong side of this precipitous move.
Is this story true?
DJ LDK Solar Says Controller Dismissed For Absenteeism
NEW YORK (Dow Jones)--LDK Solar Co.'s (LDK) chief financial officer
Jack Lai told Dow Jones Wednesday that the company's controller was
dismissed at the end of September after not showing up for work.
"The controller didn't show up for about eight days. The company
policy says that if (absence) exceeds three days, it will cause
automatic dismissal. We dismissed him at the end of September," said
Lai.
"It was not a good fit. He lives in Hong Kong and the job is in
China," said Lai.
LDK Solar is based in Xinyu City, China.
Lai declined to provide the name of the controller, who he said
reported to Qiqiang Yao, assistant president of finance at LDK.
His comments followed a 24% drop in LDK stock to $51.65 on the New
York Stock Exchange following a Reuters story earlier Wednesday citing
a report by Piper Jaffray as saying that the controller alleged the
company had poor controls and inventory discrepancies. Those comments
couldn't be confirmed with Piper Jaffray at the time of publication.
Asked whether there's any truth to those allegations, Lai said, "We
don't believe so." He said the company will issue a statement later
Wednesday on the matter.
-By Yuliya Chernova, Dow Jones Newsletters;
Yuliya.chern...@dowjones.com
DJ LDK Solar Says Controller Dismissed For Absenteeism
NEW YORK (Dow Jones)--LDK Solar Co.'s (LDK) chief financial officer
Jack Lai told Dow Jones Wednesday that the company's controller was
dismissed at the end of September after not showing up for work.
"The controller didn't show up for about eight days. The company
policy says that if (absence) exceeds three days, it will cause
automatic dismissal. We dismissed him at the end of September," said
Lai.
"It was not a good fit. He lives in Hong Kong and the job is in
China," said Lai.
LDK Solar is based in Xinyu City, China.
Lai declined to provide the name of the controller, who he said
reported to Qiqiang Yao, assistant president of finance at LDK.
His comments followed a 24% drop in LDK stock to $51.65 on the New
York Stock Exchange following a Reuters story earlier Wednesday citing
a report by Piper Jaffray as saying that the controller alleged the
company had poor controls and inventory discrepancies. Those comments
couldn't be confirmed with Piper Jaffray at the time of publication.
Asked whether there's any truth to those allegations, Lai said, "We
don't believe so." He said the company will issue a statement later
Wednesday on the matter.
-By Yuliya Chernova, Dow Jones Newsletters;
Yuliya.chern...@dowjones.com