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News Breaks | | | | February 12, 2013 | | 17:08 EDT |  | LPH | Longwei Petroleum receives non-compliance notice; intends to defend itself
Longwei Petroleum Investment Holding announced that it has received notice from the NYSE MKT that the company is not in compliance with Section 801(h) of the NYSE MKT Company Guide in that at least 50% of the directors on the Company's Board of Directors are not independent and Section 803(B)(2)(c) of the Company Guide in that the Company has only one out of the requisite two members on its audit committee. The company's non-compliance with these Sections is a result of the resignations of its former independent directors, Douglas Cole and Xue Xiaoping, as previously disclosed in the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on February 1.The Company intends to take further action to defend itself. | |
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