China Ceramics accused of violating Securities Exchange Act
An investor of China Ceramics Co, Ltd. has filed a federal securities fraud class action complaint against the company, citing misleading statements that allegedly violated the Securities Exchange Act of 1934, according to Robbins Arroyo LLP.
The complaint, filed in the U.S. District Court for the Southern District of New York, maintain that China Ceramics misled investors between March 30, 2012 and May 1, 2014.
The NASDAQ Stock Market halted trading for China Ceramics on May 1, requesting additional information. The company then announced that its financial statements for the year ended Dec. 31, 2013 were incomplete. It also revealed that its principal registered public accountant, Grant Thornton, was fired on April 30. A new accounting firm had been employed to audit its financial statements for 2013, 2012 and 2011.
According to Robbins Arroyo, China Ceramics also neglected to disclose the risk associated with substantial write-downs of company assets, which culminated in an estimated $7.5 million asset write-down for the fourth quarter of 2013.
At the moment, trading on the stock market has yet to resume for the company.
GE joins forces with MakerBot and TechShop
Following up on its recent partnership with Local Motors, GE is teaming up with MakerBot and TechShop.
“GE continues to foster collaborative relationships to drive innovation through cutting-edge manufacturing models and partnerships that are redefining how ground-breaking products are made,” said Kevin Nolan, VP technology for GE Appliances.
In this newest installment of product innovations, GE will work on a new generation of home appliances through FirstBuild, an online co-creation and micromanufacturing community.
Among its first projects? A microkitchen with big style in a small format, as well as an indoor grill.
The FirstBuild community will have a hand in selecting the winning designs, which will then be brought to life at the FirstBuild microfactory in Louisville, Kentucky. Certain products that generate enough demand will have the chance to scale up to mass production.
Weston Forest Products hires US-group manager
Mississauga, Ontario-based distributor Weston Forest Products announced that Jared Carroll is joining the company as manager of its new US Trading Group.
“We have known Jared for a very long time, and we are excited that he is leading this new business unit for us,” said Rick Ekstein, president and CEO. “We truly believe that adding Jared to our team will bring tremendous value to our existing customer and supplier base.”
Jared will be reporting to Rob Hruby, Weston’s vice president of purchasing.
Weston Forest Products is the largest distributor of forest products to the crating and packaging industry in Canada, as well as one of the suppliers to Canada’s growing infrastructure sector, and several other niche markets.