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Suntech Power May Have Been Victim of Fraud
July 30, 2012 – Suntech, [NYSE: STP], announced that they guaranteed payment obligations of a German investee company that allegedly did not have the collateral of German government bonds that were to support 550 million euro obligation.
Suntech said, “While we continue to investigate and take actions to resolve this matter, Suntech’s daily operations will not be impacted.” Still shares are down 14% at $1.35 in the premarket against a prior 52-week range of $1.50 to $7.77.
2012 hasn’t been a good year for most solar industry stocks. First Solar [FSLR] reports it earnings this week. Are you long or short solar industry stocks? Which ones?
2012-07-31 13:00:49
Source: http://www.greenenergyforearth.com/2012/07/30/suntech-power-may-have-been-victim-of-fraud/
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