WASHINGTON (Reuters) - Solar panel manufacturer Worldwide Energy Manufacturing USA Inc on Thursday agreed to resolve charges from securities regulators that it concealed an agreement to transfer part of its ownership stake in its Chinese subsidiary.
The company raised nearly $9 million from U.S. investors to expand its China solar unit without revealing plans to transfer a 49 percent equity stake in the unit to three individuals in China, the Securities and Exchange Commission said.
The company agreed to pay a $100,000 penalty without admitting wrongdoing, the SEC said.
