FILE - In this Thursday Nov 22, 2012 file photo, people wait in line for a Best Buy store to open in Northeast Philadelphia. Best Buy Co. says its fourth-quarter loss narrowed as it cut costs to offset nearly flat sales during the key holiday quarter. The financial results beat expectations and shares rose more than 6 percent in premarket trading. (AP Photo/Joseph Kaczmarek, File)
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FILE - In this Thursday Nov 22, 2012 file photo, people wait in line for a Best Buy store to open in Northeast Philadelphia. Best Buy Co. says its fourth-quarter loss narrowed as it cut costs to offset nearly flat sales during the key holiday quarter. The financial results beat expectations and shares rose more than 6 percent in premarket trading. (AP Photo/Joseph Kaczmarek, File)
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In this Thursday, Dec. 13, 2012 photo, amazon shipments are packaged in Koblenz, Germany. Amazon’s fourth-quarter net income fell 45 percent, as sharply higher revenue failed to keep pace with increased spending on order fulfillment and digital content, a trend that’s become the norm for the world’s largest online retailer. (AP Photo/dapd, Harald Tittel)
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In this Thursday, Dec. 13, 2012 photo, shoppers walk past a Macy's at the Downtown Crossing in Boston. Macy's reported Tuesday, Feb. 26, 2013, a fourth-quarter profit that beat Wall Street expectations as its strategy of tailoring merchandise to local markets paid off during the holiday season. (AP Photo/Charles Krupa)
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FILE - In a Tuesday, Aug. 14, 2012, file photo, aperson walks toward a Home Depot in Nashville, Tenn. Home Depot’s fiscal fourth-quarter net income surged 32 percent, the home improvement retailer said Tuesday Feb. 26, 2013. (AP Photo/Mark Humphrey, File)
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This undated image provide by Wendy's shows the fast food company's new logo. Wendy's reported fourth-quarter earnings Wednesday, Jan. 16, 2013, that topped Wall Street estimates but a 2 percent rise in revenue came up short of expectations. It reaffirmed its earnings guidance for fiscal 2013. (AP Photo/Wendy's)
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Macy's Chairman, President and CEO Terry Lundgren arrives to court in New York, Monday, Feb. 25, 2013. Lundgren is scheduled to testify in New York State Supreme Court on Monday in a trial that pits the department store chain against rival J.C. Penney Co. over a partnership with home diva Martha Stewart. (AP Photo/Seth Wenig)
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FILE - In a Nov. 14, 2011 file photo customers enter and exit a Lowe's store in Saugus, Mass. Home improvement retailer Lowe’s Cos. said Monday, Feb. 25, 2013, cleanup efforts after Superstorm Sandy and its new pricing strategy helped its fourth-quarter net income surpass expectations. (AP Photo/Michael Dwyer, file)
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FILE - In this Monday, Sept. 10, 2012 file photo, a General Electric logo is seen on a kitchen stove at a Lowe's store in Framingham, Mass. General Electric Co. is reporting, Friday, Jan. 18, 2013, that net income rose 8 percent in the fourth quarter as earnings at all of the conglomerate's industrial segments improved due to growth in developing economies. (AP Photo/Steven Senne, File)
PricewaterhouseCoopers resigns as Ambow auditor
NEW YORK (
AP) — The auditor for Ambow Education has resigned due to concerns over an investigation into claims of financial impropriety made by a former employee, the company said Friday.
Shares of Ambow, a Chinese education company, fell more than 12 percent in morning trading.
PricewaterhouseCoopers Zhong Tian CPAs Ltd. sent a letter to Ambow stating that it was concerned that the investigation may not be getting the necessary resources and time.
Fenwick & West LLP, which also resigned as counsel to the audit committee, has been conducting an investigation since July over the claims of the former employee, who also cited improper conduct by Ambow in relation to its acquisition of a training school, and a number of other issues.
The investigation is ongoing.
Shares of Ambow Education Holding Ltd. dropped 15 cents to $1.03.
Tags:
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