Amazing how the rules and laws favor others first before investors to whom the money belongs to.

I am done with offshore and penny stocks.

Even Madoff's people got a lot more.

I received 6% back of what was stolen from me.
Better than nothing.

How these criminals sleep at night is beyond me.

What were the average pay-outs on this sleazy fraud? I didn't lose much, I assume that payouts were totally dependent on losses?

The deadline for filing is long past. I don't remember the exact date. It seems like it was over a year ago.

Received a check for $5,000 today.

Glad I finally got something back.

Happy holidays all.

I received a check today for $14,200...

I don't remember if I'd received a settlement letter for CCME or I may have trashed it. Is there any chance that I still file for the claim? Thanks!

Received a check today for 6% of my stolen money from this CCME scam.

I lost five figures in this POS.

Total:

Crooks get 94%
Investors get 6%

Who says crime does not pay!

http://www.law360.com/articles/788895/insurers-get-arbitration-in-625m-china-mediaexpress-suit

Anyone knows what this means?

Still waiting here too. No $$ back yet.

Not me ... still waiting!

Anyone get a check yet?

When is the settlement money coming thru? Anyone in the know? Have a great week...

Is CCME still in business. Not that it matters anymore just curious.

I filled out the form I fit into the window of dates of buying and selling CCME. Now the nest waiting game begins.

I did have one issue with filling out that form. The buy/sell prices that TDA has on my statements are not always in exact pennies. Some are fractions of a penny and the total cost on the statement includes their commission fee. I called the lawyer office and discussed this as it said the form has to match exactly what is on the monthly statement. The lawyer office said the commission could not be included. And the form does not allow for fractions of a penny on share price.

I included a letter saying all of this. I also know how lawyers are.

So I will not be surprised if my form is accepted.

I think the amounts to be paid will vary greatly according to the precise dates of purchases and sales and amounts lost... and, like you Chesterfield, i hope a lot of smaller investments were made and that not many of those enter the class action, leading to a larger payout for those folks with bigger losses who signed on.

We shall see....
But it may take quite a while if DT launches an appeal or two.
The text said that it could take up to a few years, if i recall the wording....

Well I sent my claim off on the 2nd .... almost forgot about it.... I have no idea what amount to expect ... this was my second biggest loss ever, I bought the hype and put about half my IRA into it (lesson learned) it would be nice to finally get some sort of payout. I believe the minimum was to be .29 cents a share ... but could be higher depending on how many people have filed claims. I'm guessing a lot of people didn't bother due to busy lives and the five year wait etc ... GLTA.... if anyone hears anything on amounts to be paid out please share.

I got the good news today when i emailed the claims administrator at Info@ChinaMediaExpressSettlement.com :

The Settlement has been approved [by the judge after the Sept. 18 hearing]. This ruling allows us to continue processing Claim Forms and begin the auditing process. Please be mindful of the October 2, 2015 claim filing deadline.

If we can be of any further assistance, please let us know.

Best Regards,
Claims Administrator

Nice info on the litigation. Anyone have more details on it?

Received a letter from CCME Securities Litigation today about the settlement. Have yet to read thru it. I may get a little of my lost investment back. Anyone also receive a letter from CCME Securities Litigation?

Been a long time since I thought about this stock. Took a few moments to remember why CCME even looked familiar to me!

If you took your lumps by or before 3/11/2011, this might offer some relief. If you missed the end date like me (ugh), no soup for you!

Hagens Berman Sobol Shapiro LLP Announces Class Action Settlement Involving All Persons Who Purchased China MediaExpress Holdings, Inc. Common Stock or Call Options and/or Sold Put Options from April 1, 2010 through March 11, 2011 1
Business Wire Hagens Berman Sobol Shapiro LLP
June 11, 2015 8:00 AM

NEW YORK--(BUSINESS WIRE)--

Hagens Berman Sobol Shapiro LLP announces that a Settlement has been reached in a series of proposed class action lawsuits in connection with alleged misstatements in the financial statements and other public statements of China MediaExpress Holdings, Inc. (“CCME” or the “Company”). The Court in charge of the case is the United States District Court of the Southern District of New York, and the case is known as In re China MediaExpress Holdings, Inc. Shareholder Litigation, Civil Action No.11-CV-0804 (VM) (the “Action”). The entities that sued and represented the Class in this Action are Irrevocable Trust FBO Lansing Davis under agreement dated 10/1/1979 and the Davis Partnership LP, as well as John Haughton, Ethan Lamar Pierce, and John Shaffer (the “Class Representatives”) and one of the defendants that has been sued, Deloitte Touche Tohmatsu (Hong Kong Partnership) (“DTT”), has entered into a proposed settlement (the “Settlement”). DTT denies all of the allegations, and that it did anything wrong. DTT denies that any of the statements in its audit report were materially false and misleading, and further denies that DTT acted with scienter in making any of these statements. DTT also denies that any of its statements caused CCME shares to trade at artificially high prices, or that any Class Members suffered damages related to any of DTT’s statements or conduct. The Court did not decide in favor of the Class Representatives or DTT. Instead, the lawyers for both sides of the Lawsuit, with the assistance of an experienced mediator, have negotiated a settlement that they believe is in the best interests of their respective clients.

How Do I Know if I Am Part of the Settlement? The Settlement includes a “Class” of all Persons who purchased CCME common stock and/or call options, and/or sold put options between April 1, 2010 and March 11, 2011. You are a Class Member only if you purchased shares of CCME common stock and/or call options, and/or sold put options between April 1, 2010 and March 11, 2011 inclusive. If you sold shares of CCME common stock and/or call options, and/or purchased put options between April 1, 2010 and March 11, 2011, inclusive, that alone does not make you a Class Member.

What Does the Settlement Provide? The Settlement provides for $12,000,000 in cash to be paid pursuant to the Settlement Agreement. Based on the information currently available to the Class Representatives and the analysis performed by its damage consultants, it is estimated that if Class Members submit claims for 100% of the shares and options eligible for distribution under the Plan of Allocation, the estimated average distribution per share of common stock will be approximately $0.26 before deduction of Court-approved fees, charges and expenses. Historically, actual claims rates are less than 100%, which result in higher distributions per share. A Class Member’s actual recovery will be a proportion of the Net Settlement Fund determined by that claimant’s recognized claim as compared to the total “Recognized Claims” of all Class Members who submit valid Proof of Claim and Release forms. An individual Class Member’s actual recovery will depend on, for example: (i) the total number of claims submitted; (ii) when the Class Member purchased CCME common stock or call options and/or sold put options during the Class Period; (iii) the purchase price paid for common stock or call options or the sales price of put options sold; and (iv) whether the CCME common stock, put options and/or call options were held at the end of the Class Period or sold during the Class Period or sold after the Class Period (and if sold, when it was sold and the amount received).

How Do I Get a Payment? To qualify for payment, you must be an eligible Class Member and you must send in a Proof of Claim. Claim forms are available at www.ChinaMediaExpressSettlement.com, by calling 1-866-985-7592, sending an email to info@ChinaMediaExpressSettlement.com or by writing to CCME Securities Litigation Claims Administrator, P.O. Box 40008, College Station, TX 77842-4008. Read the Proof of Claim instructions carefully, fill out the form, include all the documents the form asks for, sign it, and mail it so that it is postmarked no later than October 2, 2015.

What are My Other Rights and Options? Unless you exclude yourself, you are staying in the Class, and that means that you cannot sue, continue to sue, or be part of any other lawsuit against DTT about the same issues in this case or that could have been asserted in this case. All of the Court’s orders will apply to you and legally bind you and you will release DTT and related parties from any and all claims and causes of action of every nature and description, whether arising under federal, state, statutory, regulatory, common, foreign or other law, that arise in any way from or relate to the Action or CCME. If you do not want a payment from the Settlement, but you want to keep any right you may have to sue or continue to sue DTT and related parties on your own about the legal claims released by this Settlement you must exclude yourself from the Class. Exclusion requests must be received no later than August 14, 2015. If you are a Class Member (and have not excluded yourself from the Class), you can object to the Settlement, the Plan of Allocation, or Class Counsel’s request for an award of attorneys’ fees, charges and expenses in representing the Class. You may also ask the Court for permission to speak at the Settlement Hearing. Objections and requests to appear and speak at the Settlement Hearing must be received no later than August 14, 2015. Specific information regarding these rights and options, and how to exercise them, are provided in the Settlement Notice and Settlement Agreement, both of which are available at www.ChinaMediaExpressSettlement.com.

When and Where Will the Court Decide Whether to Approve the Settlement? The Court will hold the Settlement Hearing at 9:30 a.m., on September 18, 2015, in Courtroom 11B of the United States District Court for the Southern District of New York, 500 Pearl Street, New York, NY 10007-1312. At this hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. The Court will also consider whether to approve the Plan of Allocation and Class Counsel’s request for an award of attorneys’ fees in the amount of 33.33% of the Settlement Fund and expenses not to exceed $400,000 (to be paid from the Settlement Fund) plus interest. If these amounts are approved by the Court, the average cost per share of common stock will be approximately $0.09.

How Do I Get More Information? You can call (206) 623-7292 or write to Class Counsel at the following address: Chris O’Hara, Hagens Berman Sobol Shapiro LLP, 1918 Eighth Ave., Suite 3300, Seattle, WA 98101, or by email at CCMEsettlement@hbsslaw.com. You can also visit the Claims Administrator’s website at www.ChinaMediaExpressSettlement.com, call the Claims Administrator toll-free at 1-866-985-7592, or send an email to the Claims Administrator at info@ChinaMediaExpressSettlement.com.

____________________
1 This Notice incorporates by reference the definitions in the Stipulation and Agreement of Settlement dated May 5, 2015 (“Settlement Agreement”), and all capitalized terms used, but not defined herein, shall have the same meanings as in the Settlement Agreement. The Settlement Agreement can be obtained at www.ChinaMediaExpressSettlement.com.


View source version on businesswire.com: http://www.businesswire.com/news/home/20150611005236/en/

Contact:
Hagens Berman Sobol Shapiro LLP
Chris O’Hara, 206-623-7292
CCMEsettlement@hbsslaw.com

http://finance.yahoo.com/news/hagens-berman-sobol-shapiro-llp-120000569.html;_ylt=AwrC0COc.Y5VQTcAITCTmYlQ;_ylu=X3oDMTByMDgyYjJiBGNvbG8DYmYxBHBvcwMyBHZ0aWQDBHNlYwNzYw--

Received this message in my inbox from Yahoo groups.
Does anyone know if we need to do anything to be included in the settlement? I have large losses from this holding like many others.

Haven't followed the CCME story for a long time, sorry for the dumb question, but have any of you got any cash back from the lawsuit?

weeeeeeee

i completely agree, ecomike.

SEC's job seems to be to let the big boys dump, then shut the trading down and keep retail from being to sell. I for one am convinced there was serious money and power politics behind killing the China stocks from trading in the US, stocks like CCME.

couldn't agree more

I haven't read the filing yet, Chesterfield, just posted the link.

Thanks! Anyone know if any cash will be forcoming?

fka CCME: SEC Litigation:

http://www.sec.gov/litigation/litreleases/2013/lr22833.htm

Too little and WAY too late. This company was exposed around 2.5 years ago and the SEC is jut now getting around to this???

Why do we need the SEC in the first place if this is how they do business?

I remember CCME trading $20

they had a Spongetech like cult following!

SEC Charges China-Based Company and CEO in Latest Cross-Border Working Group Case

http://www.sec.gov/news/press/2013/2013-115.htm
SEC Charges China-Based Company and CEO in Latest Cross-Border Working Group Case

FOR IMMEDIATE RELEASE
2013-115

Washington, D.C., June 20, 2013 — The Securities and Exchange Commission today charged a China-based company and the CEO with fraudulently misleading investors about its financial condition by touting cash balances that were millions of dollars higher than actual amounts.

Additional Materials
SEC Complaint
The case is the latest from the SEC's Cross-Border Working Group that focuses on companies with substantial foreign operations that are publicly traded in the U.S. The Working Group has enabled the SEC to file fraud cases against more than 65 foreign issuers or executives and deregister the securities of more than 50 companies.

The SEC alleges that China MediaExpress, which purports to operate a television advertising network on inter-city and airport express buses in the People's Republic of China, began falsely reporting significant increases in its business operations, financial condition, and profits almost immediately upon becoming a publicly-traded company through a reverse merger. In addition to grossly overstating its cash balances, China MediaExpress also falsely stated in public filings and press releases that two multi-national corporations were its advertising clients when, in fact, they were not. The company's chairman and CEO Zheng Cheng signed the public filings and attested to their accuracy. After suspicions of fraud were raised by the company's external auditor and an internal investigation ensued, Zheng attempted to pay off a senior accountant assigned to the case.

"Investor confidence in the representations made by publicly-traded companies is critically important to the proper functioning of our financial markets," said Antonia Chion, Associate Director in the SEC's Division of Enforcement. "China MediaExpress and Zheng falsely reported whopping increases in its cash balances and deceptively raised money from stock sales. Today's action demonstrates the Commission's commitment to policing financial fraud in the U.S. markets, regardless of whether it is perpetrated by persons who live here or abroad."

According to the SEC's complaint filed in Washington D.C., China MediaExpress became a publicly-traded company in October 2009 and began materially overstating its cash balances in press releases and SEC filings. For example, its 2009 annual report filed on March 31, 2010, reported $57 million in cash on hand when it actually had a cash balance of merely $141,000. Later that year on November 9, 2010, China MediaExpress issued a press release boasting a cash balance of $170 million at the end of the third quarter of its fiscal year. The actual cash balance was just $10 million.

According to the SEC's complaint, after China Media materially misrepresented its financial condition, its stock price tripled to more than $20 per share. At the same time, China Media received $53 million from a hedge fund pursuant to a sale of the company's preferred and common stock to that fund. Zheng was financially incentivized to misrepresent China MediaExpress' financial condition, as he had agreements to receive stock if the company met certain net income targets. For instance, when China Media met net income targets for fiscal year 2009, Zheng personally received 600,000 shares of China MediaExpress stock that were worth approximately $6 million at the time.

According to the SEC's complaint, China MediaExpress' external auditor resigned in March 2011 due to suspicions about fraudulent bank confirmations and statements. The company's audit committee then retained a law firm to conduct an internal investigation. The law firm hired a Hong Kong forensic accounting firm to assist in obtaining bank statements from China MediaExpress' banks to verify the publicly reported cash balances. The evening before a planned visit to the banks by the accounting firm's team, Zheng called a senior accountant assigned to the team and told him that he had the authorization letters necessary to obtain China MediaExpress' bank statements. He asked the accountant to meet him alone to obtain the authorization letters. During the meeting, Zheng admitted that there would be discrepancies dating back one to two years between China MediaExpress' reported and actual cash balances. Zheng offered the accountant approximately $1.5 million to "assist with the investigation." The accountant refused the offer. Approximately one month later, the bank statements were obtained, and they showed substantial discrepancies between publicly reported and actual cash balances.

The SEC's complaint charges Zheng and China MediaExpress with violations of the antifraud provisions of the federal securities laws. The complaint charges China MediaExpress with violations of the reporting, books and records, and internal control provisions, and charges Zheng with violating the SEC's rules prohibiting lying to auditors and making false certifications required under the Sarbanes-Oxley Act. The complaint seeks financial penalties, permanent injunctions, disgorgement, and an officer and director bar against Zheng.

The SEC's investigation was conducted by Senior Counsel Kwame Clement and Staff Accountant Kelly Dragelin, and the case was supervised by Assistant Director Ricky Sachar. Assistant Chief Litigation Counsel Kenneth J. Guido will lead the SEC's litigation.

# # #



http://www.sec.gov/news/press/2013/2013-115.htm

http://www.sec.gov/litigation/complaints/2013/comp-pr2013-115.pdf

herbgreenberg
Jun. 20 at 10:21 AM
China Stocks, redux: SEC charges $CCME CEO for "fraudulently misleading investors..." At its peak, a $20 stock. Today, pennies.

I had to fill out a "Worthless Securities" form for my broker to make the transaction official - now I can use the loss for tax year 2013.

I'll take it.

I have plenty that you can have at a real steal.

Get it?

lmfao

I think you are a couple days late on your April Fool's post birdie...

This stock looks very undervalued!

No. I may not have been clear.

There is no limit to the amount of gains you can offset with losses. In addition to that, if you losses exceed your gains, you can use losses to reduce your other taxable income up to a limit of $3000.

If you lost $20K on CCME, and had $25K in gains - you can offset $20K of the gain with your CCME loss and have a $5K net taxable gain.

If you had $17K in gains, your $20K loss would offset those and also reduce your other taxable income by $3K.

However, if you only had $15 K of gains that year, your $20K loss would offset those, reduce your other taxable income by $3, and give you a $2K loss carryover to the next year.

Yes almost 7 years,,,I have ton of losses from my Chinese stuff so need profits to offset them..............if I ever sell property can get rid of some that way. At one time my profits were so high I was trying to buy losses, now I am in opposite boat..all my glib micro-audience disappeared, have to retrain to be a real thinker now to get my revenge. Yet stocks make up less than 5% of my investments but 95% of my head thinking and its quantitative minute to minute report cards.

It's kinda different than here then. So if you lost 20k bucks with CCME, you could only use 3k per year to offset gains?

Here in the US you can use losses to offset gains up to a net loss of $3000 each year, and any additional losses are "carried over" to be used against future gains.

Example--
If in 2012 I had $5000 in Losses and $1000 in gains, I would show a net loss of $3000 for 2012 (reducing my taxable income by $3000) and would have a $1000 tax loss carry over to use to offset gains I may record in 2013 or later.

There are wrinkles re: short term and long term holdings (you can have short term loss carryovers and long term loss carryovers) but the basics are what I outlined above.

So - anyone still holding CCME can sell it and use the loss against gains on stocks sold in 2013. If the amount of CCME loss exceeds gains on other sales in 2013, they would carry over the remaining loss to next year.

It is, however, too late to sell CCME for a loss that could be used to offset 2012 gains on one's 2012 taxes (for those who file based on calendar year).

Who cares WHERE you sell it as long as you sell it, or tender it to your broker for nothing, and have a record of the date you got rid of it and what the proceeds, if any, were?

I will buy all your CCME for a penny (total, not per share) if it gives you a transaction you can point to for a tax loss.

Well you could have sold at 4 bucks after the open, then at above 1 buck for a long time, then at least for 20 cents for a long time, I think it's a very valid question why anyone still holds CCME shares now that the stock is revoked. You make it sound as it is normal. lol

That said usually people use such a situation to take a tax loss in order to count it against gains. Can you do that even if you don't sell the stock in the US? You can certainly not do it where I live.

Why am I still holding? Why not. There is almost nothing left to lose. CCME could pull off a miracle.

I don't get why are you still holding them if the stock is not even trading anymore?