Organization major shareholder impeachment Amber Education President Huang company said no basis

Every reporter from Beijing in the Amber Education [micro-BO] (Nyse:ambo) privatization of the failure, a few days ago, its major shareholder glasiamauritiusιιcaymanlimited (hereinafter referred to as major shareholder) to the Caimas, Is. court to submit an indictment, Proposed impeachment of Amber Education president and Chairman of the Board of Huang. Amber Education responded by saying that the prosecution was not based and had hired legal advisers and Glasia to defend it. Yesterday, some insiders told the Daily economic news reporter, small and medium shareholders are very dissatisfied with the performance of Amber's current share price, and the amber management of the recent series of problems is not clear enough to give investors a big opinion. Major shareholder seeks liquidation March 15, 2013, the second largest shareholder of the Baring Asia Fund to the Amber Education issued a privatisation offer. 3 days after receiving the privatisation offer, 3 directors of the Amber Education board announced their resignation. Subsequently, the independent audit agency PWC Zhongtian CPA firm and the audit committee legal Advisers also announced their resignation. But all this has not been accompanied by the withdrawal of the Baring Asia Fund from its privatisation proposal on March 26. Recently, the large shareholder of the Amber Education Institute sued Amber Education at the Caimas, Is. court, proposed to impeach the President and chairman of the Huang, appointed an independent liquidator to investigate the company's business and its senior management, and also proposed the liquidation of amber Education to protect shareholders ' interests. The lawsuit says that Huang, the president and Chairman of the Board of directors, has abused his power and deliberately dictatorial his company, and should outlaw all its powers. At present, most of the board members of the company are controlled by Huang or elected by them. The enactment of the Articles of incorporation also hinders shareholders from exercising their most basic rights. Shareholders were deprived of the right to convene a temporary or annual general meeting for more than 1 years, and even after the resignation of 3 independent directors of Amber, no general meeting was held. For the reasons for the liquidation of the request, the lawsuit stated that shareholders were concerned about the lack of proper and independent supervision and that the Huang would be able to conduct illegal transactions without hindrance, from the operations of Amber China, subsidiaries and subordinate units to divert proceeds or otherwise transfer property below fair market prices, leaving only an empty shell for the shareholders of the amber. Amber faces multiple challenges in response to the chief shareholder's impeachment of the CEO and the liquidation of the company, the Amber Education said that the major shareholder's prosecution is not based on the request is not appropriate, the amber Education has hired Caimas, Is. 's legal advisers and Glasia to defend. Li Ying wanted, a U.S. stock analyst, told the Daily economic news reporter that shareholders asked the company to be liquidated, partly to show that shareholders had no confidence in the development of the business, which would require companies to return money to investors through liquidation. Although the outcome of the lawsuit has not yet come out, the trouble with the education of Amber now is not small. March 22, the amber Education was suspended by the NYSE, the reason for the suspension is that there will be important news release. But up until the press, the Amber education stock has not resumed trading. At the same time, with the resignation of PwC, an independent auditor, the ability of amber Education to submit its annual report on timeBecome the focus of the industry. An industry analyst told the Daily Economic news reporter that after PwC's resignation, Amber had to find a new audit firm to complete the audit of the relevant reports. Basically, it is very difficult for any audit firm to take over and issue an audit opinion in the short term. The amber Education then promptly appointed Macian boping to take over the independent audit of the company, but with the arrival of the April 30 deadline for the announcement of the Amber Education report, it was true that the industry had not been able to submit its annual reports on time. Behind this, the Amber 2011 Annual report has been delayed, and the 2012 fiscal year released only Q1 quarterly bulletin. Its share price fell below $1 from its initial public offering of $10 trillion, and its share price shrank by 90%, facing a/ads risk.