Solar ETF (TAN) Lower as Suntech (STP) Victim of Fraud
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The Guggenheim Solar ETF (NYSE: TAN) is lower by 3 percent Monday as numerous concerning news items are being passed around this morning.
Likely affecting traders in the sector the most Monday, Suntech Power Holdings Co., Ltd. (NYSE: STP) announced it is conducting an investigation into a security interest in connection with its investment in Global Solar Fund, S.C.A., Sicar ("GSF"). Based on recent reviews and inquiries, Suntech suspects the collateral related to the security interest may not have existed and the company may have been a victim of fraud.
Suntech is assessing the potential impact of the suspected fraud and may delay its earnings announcement for the second quarter of 2012 until it completes the investigation and financial assessment.
While First Solar (Nasdaq: FSLR) shares are only fractionally lower, shares of Suntech Power Holdings Co. Ltd. are being decimated, down by about 16 percent.
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Likely affecting traders in the sector the most Monday, Suntech Power Holdings Co., Ltd. (NYSE: STP) announced it is conducting an investigation into a security interest in connection with its investment in Global Solar Fund, S.C.A., Sicar ("GSF"). Based on recent reviews and inquiries, Suntech suspects the collateral related to the security interest may not have existed and the company may have been a victim of fraud.
Suntech is assessing the potential impact of the suspected fraud and may delay its earnings announcement for the second quarter of 2012 until it completes the investigation and financial assessment.
While First Solar (Nasdaq: FSLR) shares are only fractionally lower, shares of Suntech Power Holdings Co. Ltd. are being decimated, down by about 16 percent.
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