Reports on Tuesday had Lenovo (OTC:LNVGY) stock down after TPG Inc. and General Atlantic LLC were said to have sold their holdings, but they also said the company’s Le Pad tablet will hit the American market in the first quarter of 2011.

The Tom’s Hardware website quoted a Wall Street Journal report that the Android-powered Le Pad would come out soon. PC World India cited the same Journal interview with Lenovo CEO Yang Yuanqing.

Earlier reports had said Lenovo was waiting from the new release of Google’s Android operating system, called Gingerbread. Google is unveiling a new phone at the Web 2.0 conference in California, however, which is raising the buzz about Gingerbread coming out.

On the downside for Lenovo, Bloomberg reported, “Lenovo shares slipped 1.8 percent to close at HK$5.43, the biggest decline since Oct. 27, after slumping as much as 5.6 percent earlier. This compared with a 1.4 percent drop in Hong Kong’s benchmark Hang Seng Index.” 

Lenovo shares closed in New York at $13.93 Monday, down 49 cents.

Get the latest news alerts: Follow LTW at Twitter.