A-Power Energy Generation Systems, Ltd. (NASD: APWR), the largest provider of distributed power generation systems in China, recently announced that the company has terminated its chief financial officer, Edward Meng. According to the company’s internal review, A-Power Energy Generation Systems has confirmed assertions made by NASDAQ relating to the omission of certain biographical information of Edward Meng.
A-Power Energy Generation Systems was alerted to allegations against Mr. Meng by a NASDAQ notification stating that Mr. Meng’s former employer contacted NASDAQ to report that Meng had breached that company’s code of conduct by being dually employed by both that company (full-time) and part-time by A-Power Energy Generation Systems as its chief financial officer. The name of the other company was not released by NASDAQ.
After deliberations and consultations with NASDAQ, the board of directors of A-Power Energy Generation Systems determined that terminating Mr. Meng’s employment was the appropriate course of action. A-Power Energy Generation Systems has appointed John Lin, the company’s corporate secretary, chief strategy officer and member of the board as interim chief financial officer while the search for Mr. Meng’s replacement is underway.
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