LAS = dead
The New York Stock Exchange (“NYSE”) announced today that the staff of NYSE Regulation, Inc. has determined to commence proceedings to delist the American Depository Shares (each representing two ordinary shares) of Lentuo International Inc. (the “Company”) – ticker symbol LAS (NYSE: LAS) – from the NYSE. Trading in the Company’s American Depository Shares will be suspended immediately.
Trading in the Company’s security was halted at the market opening on April 2, 2015 and NYSE Regulation has now determined that the Company is not suitable for listing pursuant to Section 802.01D of the NYSE Listed Company Manual. The Company has been unresponsive to repeated NYSE Regulation attempts at contact and requests for information in February and March 2015. Separately, it has also come to the attention of NYSE Regulation that the Company has failed to make timely, adequate, and accurate disclosures of information to its shareholders and the investing public, specifically regarding the January 2015 resignation of the Company’s independent public accounting firm
The Company has the right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. The NYSE will apply to the Securities and Exchange Commission to delist the American Depository Shares upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
