Chairman of Advanced Battery Technologies Issues Letter to Shareholders
28 Noviembre 2011 - 8:33AM
Zhiguo Fu, Chairman of Advanced Battery Technologies, Inc.
(Nasdaq:ABAT), today issued the following letter to the
shareholders of ABAT:
"Fellow Shareholders:
"Since March 2011 ABAT has been afflicted by the concerted
actions of a group of short sellers. After establishing short
positions on our shares, they published a series of articles making
allegations of misconduct by ABAT's management that were
fabrications and distortions. The result was a great loss of
value to the majority of ABAT's shareholders, which was compounded
when the class action bar filed lawsuits against us based again on
the same sophistic allegations. Unfortunately, NASDAQ chose to
abet this conduct by initiating an investigation based on the short
seller allegations. When NASDAQ inquired regarding the
allegations, we provided complete detailed rebuttals, and NASDAQ
has not made further inquiry regarding any of the short seller
allegations.
"At the end of the summer, however, as stories circulated
regarding collusion between a small number of Chinese companies and
their bankers, NASDAQ decided that, solely because we are Chinese,
we should be required to provide an extraordinary level of
confirmation from our banks. Despite the lack of any evidence
of wrong-doing on our part, NASDAQ insisted that we approach our
banks, inform them that our U.S. regulators consider them
untrustworthy, and ask them to permit our auditors to "look over
their shoulders," as it were, while they prepare bank
confirmations. Initially NASDAQ insisted that this degrading
procedure be conducted at the highest level of the bank. After
we obtained written refusals from each of our banks, NASDAQ agreed
to have the process carried out at our local bank
branches.
"Unfortunately, on the same day that NASDAQ made this
concession, our Chief Financial Officer, who had headed our
accounting and finance operations since we formed the company in
2002, resigned. The pressure brought by the short sellers,
class actions and regulators caused her to decide she should devote
her time to ailing members of her family. Her resignation was
immediately followed by that of our Controller. I myself have
had to seek medical assistance for the effects on my health of this
assault on our integrity and our efforts at being good U.S.
corporate citizens. And so we have been unable to satisfy
NASDAQ's demands.
"Since coming to the U.S. in 2004, ABAT and I have consistently
complied with all U.S. laws and regulations. We have worked
with great enthusiasm to try to reward our shareholders for their
loyalty to our company. Today, unfortunately, I have lost
confidence in the integrity of the U.S. capital markets, as I see
how the reckless actions of a few persons have negated all of our
good efforts.
"But I remain committed to our shareholders. I believe that
their faith in our company should be rewarded. So I write this
letter to promise our shareholders that in the coming months I will
take the actions that I believe are necessary to reward the loyalty
of our shareholders."
Zhiguo Fu
CONTACT: Rubenstein Investor Relations
Tim Clemensen
(212) 843-9337
TClemensen@RubensteinIR.com
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