Court delays suit against Nasdaq filed by Chinese firm

A United States federal court has postponed hearing a lawsuit against Nasdaq for delisting a Chinese wind turbine tower maker last year allegedly out of racial discrimination.

But the trial, originally scheduled on Jan. 26 New York time, is expected to open soon, Liaoning-based CleanTech Innovation Inc. President and Chairman of the Board Lu Bei said Friday, citing a notice issued by a New York federal court.

Lu did not give a specific date for the opening of the trial.

CleanTech on Jan. 5 sued Nasdaq OMX Group Inc. for 300 million U.S. dollars in damages as the delisting has resulted in "irreparable harm" to the company's reputation and led to losses of more than 220 million U.S. dollars in the company's market capitalization, with its share price plunging from 9 U.S. dollars to less than 70 cents.

CleanTech described Nasdaq's delisting "racially motivated and blatantly discriminatory" in the lawsuit.

But Frank De Maria, senior vice president of corporate communications at Nasdaq OMX, denied the charge, saying that the delisting was because CleanTech was suspected of intentionally offering false information.