TORONTO - Sino-Forest Corp.’s common stock shares (TSX:TRE) will be delisted off the Toronto Stock Exchange effective at the close of market on May 9.
According to a release issued by the company, the Continued Listings Committee of the TSE is imposing the delisting due to Sino-Forest's failure to meet stock exchange requirements, including a failure to file interim financial statements and its audited annual financial statement in a timely manner.
Earlier this month, the wood flooring and forestry firm received approval by a Canadian court for a bankruptcy filing. Sino-Forest has said it hopes to sell its vertically-integrated operations, including forestry, saw mills and floor manufacturing. A majority of its operations are in China.
Operations at the wood products company have been under suspicion following a report last year by investment firm Muddy Waters which questioned the reliability of its financial reporting. Sino-Forest has since filed a $4 billion anti-defamation suit against Muddy Waters and the report's author Carson Block.
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