ChinaCache International Holdings Ltd. (CCIH) Trading Halted Amidst Criminal Investigation for Bribery

According to the complaint for alleged violations of the Securities Exchange Act of 1934 between April 10, 2015 and May 17, 2019, on April 29, 2019, ChinaCache International Holdings Ltd. (CCIH) disclosed that it would delay filing its annual report for the 2018 fiscal year. On May 17, 2019, ChinaCache announced that the company and CEO and Chairman Song Wang were under criminal investigation by a government prosecutor office in Beijing for charges of enterprise bribery. On this news, ChinaCache's ADR price fell over 20% to $0.88 per share on May 17, 2019, before NASDAQ halted its trading. The same day, Wang resigned as CEO and Chairman. On May 23, 2019, ChinaCache announced that it received a NASDAQ Notification Letter. The NASDAQ Letter probed ChinaCache regarding the resignation of its auditor, Grant Thornton China, ChinaCache's engagement of its new independent auditor, and the allegations of enterprise bribery by ChinaCache and Wang. Trading in ChinaCache ADRs on the NASDAQ remains halted as of June 17, 2019.