SEC Reverses Nasdaq Delisting Of CleanTech

Law360, New York (July 22, 2013, 8:11 PM EDT) -- In a rare move, the U.S. Securities and Exchange Commission has set aside the Nasdaq Stock Market LLC’s decision to delist CleanTech Innovations Inc., finding there was no evidence to suggest the wind tower producer withheld crucial information from the exchange’s staff.

Although the SEC found that during the course of CleanTech’s listing application process it was aware that Nasdaq staff were examining its dealings with Benjamin Wey, a specialist in Chinese reverse mergers on U.S. exchanges, it said that Nasdaq’s contention that the exchange requested “all documents on the issue” concerning Wey and CleanTech’s relationship was "overly broad and not...

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