Shares of China Valves Technology, Inc. (CVVT) are currently 8.60 percent down. Weakness attributed to a Citron Research report that says “CVVT will get delisted to the world of the pink sheets when it inevitably fails to produce a credible audit of its 2010 acquisitions.”
Shares of CVVT closed at $8.72 in the previous trading session and opened today at $8.70. Volume has exploded with more than 1.6 mln shares already trading hands compared to a daily average volume of 457,000.
The day’s trading range for the ticker has been between $7.90 and $8.75 per share.
China Valves Technology, Inc. engages in developing, manufacturing, and selling low, medium, and high-pressure metal valves for customers in the electricity, petroleum, chemical, water, gas, nuclear power station, and metal industries in China. The company was founded in 2007 and is headquartered in Kaifeng City, the People’s Republic of China.
At last check, shares of CVVT were down 62 cents, or 7.11%, to $8.10.