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Hollysys Automation Technologies Ltd. Investigation


The law firm of Kirby McInerney LLP is investigating potential claims against Hollysys Automation Technologies Ltd. (“Hollysys” or the “Company”) (NASDAQ: HOLI). The investigation concerns whether Hollysys has violated the federal securities laws and/or engaged in other unlawful business practices.
 
On November 2, 2021, after the market closed, Hollysys filed a notification with the U.S. Securities and Exchange Commission (“SEC”) stating that it could not timely file its annual report for the period ending June 30, 2021, because of a “delay in collecting supporting documents and information.” The Company also stated that it had replaced Ernst & Young Hua Ming LLP as its independent auditor. On this news, the Company’s share price declined by $5.69 per share, or approximately 29.3%, from $19.39 per share to close at $13.70 per share on November 3, 2021.
 

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