AAC to Resume Trading Wednesday After Again Rebutting Short Seller's Allegations
AAC Technologies Holdings Inc. (2018.HK) plans to resume trading of its shares Wednesday after it again rebutted the allegations from short-seller Gotham City Research LLC.
Shares of the maker of acoustic components for smartphones were battered after Gotham City in May accused the company of dubious accounting practices, allegations that the company denied. Trading of AAC's shares was halted on May 18.
The Apple Inc. (AAPL) suppler said after markets closed Tuesday that it had set up a special committee and appointed external adviser Grant Thornton Advisory Services Ltd. to conduct an independent review of the allegations in Gotham's report.
Having reviewed Gotham's report and the findings from the external adviser, the company reiterated its view that the short seller's allegations are groundless, false and misleading.
The company said it would adopt all reasonable measures to protect the interests of its shareholders, including possibly a share repurchase.
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(END) Dow Jones Newswires
June 06, 2017 07:27 ET (11:27 GMT)