Suntech Power's stock to be delisted from NYSE

Shares of Suntech Power Holdings Co., the troubled Chinese solar-panel maker, are being pulled from the New York Stock Exchange.

The NYSE said it is removing the stock from its exchange before the market opens Monday because there is "uncertainty" that Suntech can file financial statements by its deadline.

Suntech shares fell 35 cents, or 39 percent, to close at 53 cents Friday. The company had its initial public offering in the U.S. in 2005. At the time, its IPO was priced at $15, raising about $400 million. Its shares rose as high as $90 in 2008.

But the company fell into trouble as a worldwide glut of solar panels in recent years sent panel prices falling and hurt the profits of solar panel makers around the world.

Suntech's main Chinese subsidiary, Wuxi Suntech Power Co., was forced into Chinese bankruptcy court in March after missing a $541 million payment to bondholders.

The company is in the process of restructuring its business.

A representative from Suntech Power did not respond to a request for comment.