Is Sino Clean Energy Another Chinese Fraud or Just Sloppy?

Rocco Pendola submits:

Sino Clean Energy (SCEI) shares tanked on Friday, closing the session down nearly 14 percent to end the day at $4.91. The company, which produces coal water slurry fuel (CWSF), considers itself a key player in China's commitment to cleaner-burning coal production. Sino reported earnings on Friday. To ensure accuracy, I screenshot the results Sino reported directly from the company press release, posted at Yahoo! Finance.

Click to enlarge




As noted in the release, the company reports significant sales growth of 131 percent, year-over-year. Sino expects revenues to increase from the 2010 level of $106.3 million to "at least" $170 million in 2011. Sino notified the SEC that it would not be able to file its 10-K on time. To be fair, Sino filed its annual report late last year as well. And doing so, particularly among small companies, is not uncommon. If you read through the company's press releases


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