Solar Panel Co. Settles SEC Claims It Misled Investors

Law360, New York (September 6, 2012, 6:35 PM EDT) -- Solar panel producer Worldwide Energy Manufacturing USA Inc. and three former executives settled allegations Thursday that they defrauded investors by concealing an agreement to transfer a large part of the company's ownership stake in its Chinese subsidiary.

The San Francisco-based company raised nearly $9 million from U.S. investors to expand the subsidiary without telling investors that WEMU was set to move 49 percent of the equity of the unit to three managers of the subsidiary, according to the U.S. Securities and Exchange Commission's complaint filed Thursday....
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