SGOCO Group, one of a handful of Chinese companies whose Nasdaq-traded shares were halted from trading this year, has relied on ICR for financial communications and investor relations counsel as the flat-panel monitor maker navigated a return to the public market this week.
The Beijing-based company said Sept. 11 it has conducted an investigation and audit following a whistleblower letter about alleged double-booking sales and contradictory securities filings, finding ineffective controls and a non-material error. SGOCO said it will revamp and increase internal controls over its financial reporting.
Nasdaq re-opened trading in its shares the same day, its first activity since May 16. Shares are trading in the $1-$2 range.
ICR managing director William Zima, a co-founder of the firm’s Asia operations, leads IR work for SGOCO, which had 2011 revenue topping $313M.