Suntech Will Restate Results to 2010 After Alleged Fraud

10 Dec. 2012 by

BLOOMBERG - Suntech Power Holdings Co. (STP), the world’s biggest solar-panel maker, reduced its forecast for shipments this year and plans to restate earnings back to 2010 following a fraud investigation over an investment in Italy.

Suntech said it has been a victim of fraud that will reduce its 2010 net income by $60 million to $80 million, according to a statement today. The Jiangsu, China-based company has concluded that a security interest it received in connection with financing solar projects in Italy “does not exist,” and the company plans to amend financial statements for 2010, 2011 and the first quarter of 2012 early next year.

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