Key Developments: SmartHeat Inc (HEAT.PK)
0.35USD
17 Jun 2013
$-0.05 (-12.50%)
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300
1,654
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$0.22
Latest Key Developments (Source: Significant Developments)
SmartHeat Inc Announces Resignation Of CFO-Form 8-K
SmartHeat Inc reported in its Form 8-K that on February 20, 2013, Michael Wilhelm resigned from his position as Chief Financial Officer (CFO) and Treasurer of SmartHeat, Inc., a Nevada corporation (Company). Full Article
The Rosen Law Firm Announces Investigation of Securities Claims Against SmartHeat Inc.
The Rosen Law Firm, P.A. announced that it is investigating potential securities claims against SmartHeat, Inc. On May 30, 2012, Heat announced the resignation of its Chairman James Jun Wang, its President and CEO Wen Sha, and several other officers. Heat also announced that, to meet 'immediate cash needs', it would take out a $1.0 million revolving line of credit at onerous rates from Mr. Wang. That same day, the NASDAQ stock market halted trading in Heat stock. The NASDAQ stock market indicated that trading would remain halted until Heat fully satisfied NASDAQ's request for further information. The Rosen Law Firm is preparing a securities class action lawsuit on behalf of Heat investors to recover investment losses. Full Article
SmartHeat Inc. Announces Management Change-Form 8-K
SmartHeat Inc. reported in its Form 8-K that on May 25, 2012, Jun Wang, Chairman of the Board of Directors, President and Chief Executive Officer (CEO) of SmartHeat Inc., Xudong Wang, Vice President of Strategy, and Zhijuan Guo, Chief Financial Officer (CFO), resigned from their respective positions with SmartHeat Inc., the U.S. Holding company incorporated in Nevada (SmartHeat). Messrs. Jun Wang and Xudong Wang will continue in their roles with SmartHeat’s subsidiaries, while Ms. Guo resigned from all roles and responsibilities with SmartHeat and its subsidiaries. Oliver Bialowons was appointed as a Director and as President of SmartHeat on May 25, 2012, to fill the roles formerly held by James Wang. Full Article
SmartHeat Inc. Revises FY 2011 Guidance
SmartHeat Inc. announced that due to the impact of significant drops of sales, impact of rising prices on business and the integration costs of Gustrower Warmepumpen GmbH and Shenyang Bingchuan Refrigerating Machine Limited Company, two companies acquired by SmartHeat in first quarter of 2011, the Company has revised fiscal 2011 earnings guidance and expects $18 million to $20 million in net loss and $40 million to $50 million in revenue. Full Article
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