China Cable and Communication, Inc., a China-based cable TV company, today announced that to protect its shareholders, it has sent a letter to the Berlin-Bremen Stock Exchange demanding immediate delisting.
The Company's shares were listed on the Exchange without its prior knowledge, consent or authorization. The Berlin-Bremen Stock Exchange listings, which include numerous U.S. publicly traded companies, appear to expose the stock of listed companies, such as China Cable and Communication, to the possibility of "naked short selling." This practice can force the price of a stock down through the selling of non-existent shares of stock.
"As soon as we learned of this listing, we notified our SEC counsel to proceed with whatever steps are necessary to delist our stock from the Berlin-Bremen Exchange," said Gareth Tang, President of China Cable and Communication. "We believe the delisting is in the best interest of our shareholders."