RE:GreenStar Provides Disclosure UpdateThanks for the link. It sounds about as bad as the constrained language of a corporate press release can be:
GreenStar's audit committee has been following up with the auditors and the Chinese management to complete the audit and in doing so, has identified certain corporate governance and administrative deficiencies which contributed to the delay in the audit. The board of directors views these matters very seriously, and is taking steps to improve corporate governance oversight and to resolve all outstanding issues with the audit. The audit committee continues to try and resolve this matter with Mr. Guan Lianyun, President and CEO of the Company, and the audit committee believes that Mr. Guan is working to resolve this situation, but there can be no assurance of success.
Ouch.
And is there still no word on the general trading halt? This press release only mentions the management cease trade order, not the general halt.