China Agritech (CAGC) Resumes Trading on Pink Sheets and Plunges

May 20, 2011 10:08 AM EDT Send to a Friend
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After being halted for more than two months on accounting issues, China Agritech (OTC: CAGC) has resumed trading on the pink sheets today.

Shares last traded at $1.58 after being halted at $6.88 on 03/14.

China Agritech and a host of other China reverse merger stocks were halted on NASDAQ and other exchanges following questions about accounting practices, corporate government and suspected fraud.

One-by-one it appears that they will start trading again, much lower, on the pink sheets. Yesterday, China MediaExpress (Nasdaq: CCME) was one of the first to resume trading after months of being halted.

Others that remain halted include: ShengdaTech (Nasdaq: SDTH), Duoyuan Global Water Inc. (DGW), China Integrated Energy (Nasdaq: CBEH), Wonder Auto Technology (Nasdaq: WATG), Subaye, Inc. (Nasdaq: SBAY), Puda Coal (Nasdaq: PUDA), Universal Travel (NYSE: UTA) and Longtop Financial (NYSE: LFT), among others.

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