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SEC is on a mission, agreed: Delist as many as quick as possible, then sometime this summer announce new regs on listing requirements to basically ban VIEs and other foreign investment structures wherein shareholders don't really have ownership of the company but merely some contractual rights to share profits. If SEC can bring down the market cap of the stocks to be affected on NASDAQ and AMEX by around 75 percent before the regs are issued, there will be less of a shock to the markets. Sort of like, would you like it better if I stab you once a day for 3 months, or just stab you 90 times in one attack event.
Need 24/7 webcam screenshot of LPH bank accounts. EOM.
When LTUS had a reverse split this winter, E*Trade immediately assigned it a different name "LTUSD" as a temporary measure so it could still be traded after the split. A couple weeks later the name reverted back to "LTUS". It was tradable the entire time as far as I could tell.
We all know what RINO and NEP did on reopening day. I am digging deeper for other case examples. Not all situations are the same. A lot will depend on the stratification of types of sellers versus traders - there should be some volume clues early on as to the number of probable forced buy-ins from brokers due to customers with naked shorts, versus larger blocks of selling by institutions wanting out of holding a stock on the pinks, versus plain day traders trying to make some bounce money. That's why I want a professional nearby to help judge the action.
well i fall into that category but i'm sure others out there held even more shares than i. However, there is nothing to be gained from being lead plaintiff from what I understand.
Maybe no auditor wants to touch them, and the CEO has enough hidden shenanigans that he refuses to agree to hire a firm to do a full forensic audit. It isn't necessarily a foregone conclusion that the company's revenues would have to be 50 percent falsified, if the CEO is guilty of some degree of malfeasance and realizes he might very likely go to jail if everything is revealed. Since he won't walk the plank, he decides instead to sink the entire ship.
CCME: Maybe no auditor wants to touch them, and the CEO has enough hidden shenanigans that he refuses to agree to hire a firm to do a full forensic audit. It isn't necessarily a foregone conclusion that the company's revenues would have to be 50 percent falsified, if the CEO is guilty of some degree of malfeasance and realizes he might very likely go to jail if everything is revealed. Since he won't walk the plank, he decides instead to sink the entire ship.
This is a major life lesson on the concept of mistrust:
Any auditor can be fooled, any investment firm can be fooled, any analyst can be fooled, any Wall Street Business magazine (e.g. Forbes) can be misled, and any number of investors from all professional backgrounds can be fooled - Not just individually, but all of them simultaneously.
There is no perfect risk management of an individual company. The only way to minimize fraud risk is to diversify the hell out of your portfolio.
My portfolio will be so small after selling this POS on the pinks that I won't even venture into individual stocks any longer - strictly equity pools like ETFs and MFs. Not enough left to even risk another decimation like CCME.
pennies likely from courts; pinks 25-35 percent.
Going pink sets back my investment portfolio by 15 to 20 years.
My gut tells me that US-listed China microcaps are a symptom of larger problems in China. The same large audit firms that failed to find problems in US-listed China microcaps also audit China large caps and Hong Kong exchange listings. So my guess is that a sizable portion of Hong Kong exchange listings include stocks with financial shenanigans.
MM's April fool's joke for the shorts
Hasnt been marginable at ETrade for 2 months
ETrade showing 0, must be "going to 0"
LOL time to order some heart meds
Joe: Any idea what's up with CCME PPS?
Next: lawsuits for heart attacks from false pricing.
E*Trade same deal: still halted but shows $0.0001.
Checking NASDAQ website for anything.
Nah, just bribe 'em with a free helicopter, they'll be cool about it.
You're right Gorilla - That is an internal plan submitted to the exchange and not part of any required SEC filing. It certainly would ease the need for prescription medications for longs if they at least announced that a plan was submitted.
My hope is that most human beings are honest and that any mistakes were inadvertent and/or not with the intent to steal money or exaggerate the financials. But then again, I've been around the block too long to be so naieve about human nature. This is business we are talking about here, and the extent to which people will go depends on what they think they can get away with given the expected level of oversight. And quite clearly we have all been learning that the level of oversight regarding the financial reporting of US-listed China stocks is pretty dismal and inadequate across the board.
I agree completely. Zester's investing sentiment is certainly in vogue at the moment. I would agree that we all have that same feeling that we are walking on invisible floorboards - no one is sure of any support levels here given the crappy market conditions right now.
compliance letter T-1 and counting
+5 Marty. Tell it like it is.
My ignore list on YMB has about 20 aliases. However, I did not censor Waldo or Donmonfort because, although they always seem to be biased towards the short side on any stock, nevertheless they do sometimes add insight and detail that folks like me with a disability called "confirmation bias" seem to be lacking for this particular stock.
Shermadog - I was speculating exactly what you were thinking, you just added a few more details.
But I don't want to be associated with libel, so I would hasten to add that those are my fears, and not based on any evidence. However, the shorts have described a hypothetical process by which a company can make a related party loan using company accounts and then try to shuffle the egg shells just in time before the annual report so the bank balance looks O.K. I seriously hope that is not the case. I also seriously hope bus count and advertising revenue does not turn out to be fraudulent or otherwise mis-stated by more than 10 percent. I am resigned to wait and plan for the worst.
I just hope CCME has a legitimate forensic audit done BEFORE trading resumes so the price is not further depressed by factoring in the HUGE uncertainty. I'd rather trade with a confirmed 10 to 20 percent reduction in revenues and balances versus trading on no verifiable information at all on the pink sheets with suspicions of 75 percent fraudulent overstatements.
Wuyi is a HK listing. No one over here cares about that.
Beyond angry; after that comes bargaining, depression, acceptance. Cut to the chase and and formulate a plan to triple-down on the 401K for 20 yrs.
100$ woopie, doubtful even 1% CCME cost basis
I deleted other holdings before trying since I had 10 already, but for some reason it won't locate CCME in the dropdown list, it is just not on their dropdown menu. I need to figure this out before the night before trading resumes.
Can't add CCME email alert on Secfilings.com
I have other stocks automatically triggered to send SEC filing notifications to my email, but SECFILINGS.COM won't let me add CCME, although I can search for it under "advertising" and find the filings there.
Is there another free service where I can get instant email alerts for any CCME filing as they are released?
I can't add email alert on Secfilings.com
I have other stocks automatically triggered to send SEC filing notifications to my email, but SECFILINGS.COM won't let me add CCME, although I can search for it under "advertising" and find the filings there.
Is there another free service where I can get instant email alerts for any CCME filing as they are released?
I've been working under the assumption of Plan B ever since the trading halt began. That way I only get disappointed once.
AFAIK, there has never been a stock that went from NASDAQ to the pinks without a big PPS drop. So that would not be fine by me.
Thought occurred to me - how many shares does management own of Wuyi? If > 50 percent of the total shares of Wuyi are owned by management, and IF CCME funds were diverted into Wuyi illegally, then the divi is a quick and painless way for management to take their money and run.
I wish CCME would use the same lawyer
"Never have I had an investment where the Company said absolutely nothing to its shareholders..."
You've obviously not been following NEP, LOL.
cfgjr - I vote no. ValueInvestor is providing information. For this to be an intelligent discussion, both sides need to stop being judgmental or condescending. I believe this person has quite a bit of good experience. I for one am all ears on learning ways to look out for future fraud traps in my investments. Continue, by all means.
Weblink from ValueInvestor: Interesting messageboard.
Note the discussion about CCME. "JonsJons" is on this discussion board - he was also a very vocal and one-sided short on SeekingAlpha with the similar alias "JonsJons123" I believe.
Halfway down the page note the references to books written about financial fraud. I might have to read a couple of them.
Thanks for the info, ValueInvestor - no matter which team you decide to join, it pays to understand the reasoning from both sides of the fence.
http://www.oldschoolvalue.com/stock-analysis/deloitte-ccme-china-mediaexpress/
Yes, and for that reason, even companies who have been shown to purposely lie about their balance sheet, they may still operate a viable business, and may still be listed on the pink sheets and have some reduced value in someone's eyes. Of course, the majority of investors on I-Hub aren't pink sheet bottom feeders.