Now Harry Reid and others — including his former Senate running buddy Dick Bryan — are talking up the sale of land near Laughlin for ENN Solar to build a solar photovoltaics factory and an adjacent solar panel array on 5,000 acres the county would sell the Chinese company at cut-rate. There would be other incentives, too.
Reid visited an ENN Solar facility during his visit to China. Harry said we can learn much from the Chinese about “green” energy.
Everything is sweetness and light, but … wait a minute, wasn’t Harry talking up the promise of a Chinese company building a wind turbine manufacturing plant in Southern Nevada less than two years ago, having his picture taken with top company execs? The plant would provide 1,000 jobs, Harry said. That’s right. A-Power Energy Generation Systems was going to build a plant here and put a wind farm in Texas in partnership with some Texas high rollers know to contribute heavily to Democrats in general and Harry specifically.
About a month ago I reported that A-Powers stock had hit a 52-week low and was trading at $2.77 a share, down from $9.50.
Well, now it is not trading at all.
Class-action lawsuits have been filed in California and Nevada alleging A-Power violated federal securities laws, accusing the company of issuing a series of material misrepresentations that inflated its market price. A-Power has also shaken up its executive staffing. It’s CFO is stepping down. The chart of the company’s stock looks like the western slope of the Rockies.
AP reported: “A-Power Energy Generation Systems, Ltd. said its chief financial officer is stepping down as the company scrambles to hire an independent auditor and file disclosure forms with U.S. regulators. …
“A-Power said June 27 that its independent auditor, a company called MSCM LLP, quit because A-Power had not hired an independent forensic accounting firm to evaluate certain business transactions.
“The auditor’s departure meant A-Power could not file its 2010 annual report with the U.S. Securities and Exchange Commission on time on June 30. The company said July 1 that it would file the report as soon as it hires a new auditor.”
But surely this ENN Solar plant will work out, right?