HOLI - Hollysys Automation plunges after changing auditor

Hollysys Automation Technologies (NASDAQ:HOLI) plummeted 21% after the company disclosed late yesterday that the company changed its auditor. HOLI said that on Oct. 31 it engaged Union Power HK as the company's independent registered public accounting firm, replacing Ernst & Young Hua Ming, according to a filing. EY's audit for the for the full year ended June 30, 2020 didn't contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles, according to Hollysys (HOLI). Hollysys also disclosed that it's late in filing its annual report on Form 20-F for the year ended June 30, 2021. The disclosures come as Hollysys said in early August that it's board is evaluating acquisition offers from consortiums. The offers being considered included one from Superior Emerald (Cayman), controlled by Ascendent Capital Partners, for $23 per share. The second offer is from CPE Consortium, led

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Hollysys Automation plunges after changing auditor