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e = 2.71828183
Agreed. This is a very little known company. Awareness can only go up.
CBBD - signs Warner Bros Deal
BEIJING--(BUSINESS WIRE)-- Warner Bros. Entertainment today announced the studio will begin offering its films nationally On Demand to consumers’ television sets in the People’s Republic of China (PRC). Through a distribution agreement with CAV Warner Home Entertainment Co., Ltd., Warner Bros. Home Entertainment Group’s joint venture in China, and YOU On Demand Holdings, Inc.’s (OTCBB:CBBD.ob - News) PRC joint venture, YOU On Demand Media, consumers will be able to access Warner Bros.’ new release and catalog films this summer through the first national Pay-Per-View and Video On Demand platform in China.
YOU On Demand will operate under an exclusive 20-year joint venture with CCTV-6’s pay TV arm China Home Cinema (CHC), to become the first national Pay-Per-View and Video On Demand platform in China. Warner Bros. Entertainment will leverage YOU On Demand’s platform to provide a potential 200 million cable households access to the studio’s films on their television sets. YOU On Demand anticipates their service will be available in three million cable TV homes in China by the end of this summer, which is comparable to the subscriber base of top cable operators in the United States.
“China is developing methods for consumers to view movies outside the cinema in a legitimate fashion,” said Jim Wuthrich, President, International Home Video and Digital Distribution, Warner Bros. Home Entertainment Group. “Through YOU On Demand’s platform, millions of potential consumers will be able to view our films. They will make it easy for consumers to see the latest films including ‘Harry Potter and the Deathly Hallows – Part 1.’”
"Our distribution agreement with Warner Bros. marks a historic milestone for our company," said Shane McMahon, YOU On Demand’s Chairman and CEO. "I’m excited for the millions of Chinese consumers that will be able to experience and enjoy the very best content that Hollywood has to offer through the YOU On Demand platform."
About Warner Bros. Home Entertainment Group
Warner Bros. Home Entertainment Group (WBHEG) brings together Warner Bros. Entertainment's home video, digital distribution, interactive entertainment, technical operations and anti-piracy businesses in order to maximize current and next-generation distribution scenarios. An industry leader since its inception, WBHEG oversees the global distribution of content through packaged goods (Blu-ray Disc and DVD) and digital media in the form of electronic sell-through and video-on-demand via cable, satellite, online and mobile channels, and is a significant developer and publisher for console and online video game titles worldwide. WBHEG distributes its product through third party retail partners and licensees, as well as directly to consumers through WBShop.com.
About YOU On Demand Holdings, Inc.
YOU On Demand is the first national Pay-Per-View and Video On Demand platform in China. The Company offers high quality premium content to customers across China through its Near Video On Demand (NVOD), Video On Demand (VOD) and Subscription Video On Demand (SVOD) services. The Company consists of a portfolio of businesses that include alliances with leading media operators, comprehensive end-to-end content delivery, an exclusive billing solution, governmental partnerships and approvals, and value added services.
YOU On Demand has secured strategic partnerships with the largest media entities in China, and has a highly experienced management team with a strong background in Cable, Television, Media and Telecom. The company is headquartered in New York, NY, with its China headquarters in Beijing. For more information, visit http://www.yod.com.
CBBD - Warner Bros. deal -- How often do you read a headline like this about China these days, the chance to see programming when you are not on a bus...
"Warner Bros. Entertainment to Become First Studio to Offer Films On Demand Nationally via Television Sets in the People’s Republic of China"
BEIJING--(BUSINESS WIRE)-- Warner Bros. Entertainment today announced the studio will begin offering its films nationally On Demand to consumers’ television sets in the People’s Republic of China (PRC). Through a distribution agreement with CAV Warner Home Entertainment Co., Ltd., Warner Bros. Home Entertainment Group’s joint venture in China, and YOU On Demand Holdings, Inc.’s (OTCBB:CBBD.ob - News) PRC joint venture, YOU On Demand Media, consumers will be able to access Warner Bros.’ new release and catalog films this summer through the first national Pay-Per-View and Video On Demand platform in China.
YOU On Demand will operate under an exclusive 20-year joint venture with CCTV-6’s pay TV arm China Home Cinema (CHC), to become the first national Pay-Per-View and Video On Demand platform in China. Warner Bros. Entertainment will leverage YOU On Demand’s platform to provide a potential 200 million cable households access to the studio’s films on their television sets. YOU On Demand anticipates their service will be available in three million cable TV homes in China by the end of this summer, which is comparable to the subscriber base of top cable operators in the United States.
“China is developing methods for consumers to view movies outside the cinema in a legitimate fashion,” said Jim Wuthrich, President, International Home Video and Digital Distribution, Warner Bros. Home Entertainment Group. “Through YOU On Demand’s platform, millions of potential consumers will be able to view our films. They will make it easy for consumers to see the latest films including ‘Harry Potter and the Deathly Hallows – Part 1.’”
"Our distribution agreement with Warner Bros. marks a historic milestone for our company," said Shane McMahon, YOU On Demand’s Chairman and CEO. "I’m excited for the millions of Chinese consumers that will be able to experience and enjoy the very best content that Hollywood has to offer through the YOU On Demand platform."
About Warner Bros. Home Entertainment Group
Warner Bros. Home Entertainment Group (WBHEG) brings together Warner Bros. Entertainment's home video, digital distribution, interactive entertainment, technical operations and anti-piracy businesses in order to maximize current and next-generation distribution scenarios. An industry leader since its inception, WBHEG oversees the global distribution of content through packaged goods (Blu-ray Disc and DVD) and digital media in the form of electronic sell-through and video-on-demand via cable, satellite, online and mobile channels, and is a significant developer and publisher for console and online video game titles worldwide. WBHEG distributes its product through third party retail partners and licensees, as well as directly to consumers through WBShop.com.
About YOU On Demand Holdings, Inc.
YOU On Demand is the first national Pay-Per-View and Video On Demand platform in China. The Company offers high quality premium content to customers across China through its Near Video On Demand (NVOD), Video On Demand (VOD) and Subscription Video On Demand (SVOD) services. The Company consists of a portfolio of businesses that include alliances with leading media operators, comprehensive end-to-end content delivery, an exclusive billing solution, governmental partnerships and approvals, and value added services.
YOU On Demand has secured strategic partnerships with the largest media entities in China, and has a highly experienced management team with a strong background in Cable, Television, Media and Telecom. The company is headquartered in New York, NY, with its China headquarters in Beijing. For more information, visit http://www.yod.com.
-Andrew
Here is the link to that article translated by Google to English: http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=zh-CN&tl=en&u=http%3A%2F%2Fnf.nfdaily.cn%2Fnfzm%2Fcontent%2F2011-06%2F10%2Fcontent_25284756.htm
-Andrew
I've read the briefs for CCME/Cheng and for Lam. Yawn. I see no reason to buy CCME in these briefs.
CCME is still playing hide the ball and offering no new information in its response. It's not enough to reference a past categorical denial. It's not enough to say no share sale filings were filed before the halt, i.e. what about unfiled sales / what about sales after resumption pink.
To evaluate CCME, we need forensic review of the finances. Whether we see everything found in that investigation has yet to be known.
-Andrew
Global Economy Bear - Roubini -- read story here.
FHM: Let me clarify. Odds are, if I had to bet-- *caveat* and if I had nothing better to bet on during a huge down market-- the report from DLA Piper / PWC will show CCME has a lot of cash on hand as well as a going business which makes money, even if there have been a lot of problems. Odds are they will find some serious concerns too, i.e. where did the money go; did the company exaggerate its figures, earnings, bus counts, screen counts, etc. Sometimes one or two instance of fraud or self-dealing is enough to slam a company's shares, even when the rest of the company is fine.
Silver lining: If CCME is mostly legit and then pays a real, regular, substantial dividend and buys back shares, then the company could recover. But with the shalacking this poster child of China, of RTO's, of China RTO's, and of shorts has taken, it could well take many years of transparent performance to come back in favor. The company really needs Cheng Zheng to step aside and let a non-controversial pro run them.
Reminds me of the Vonage IPO, even though Vonage was just a bad IPO poster child, not an alleged fraud-per se. Still, it took many years to get anywhere close to anyone's good graces for Vonage, it's customers who were offered shares sued, Vonage had major rulings against them for blatant patent violations (the companies who won these patent suits are a who's who of communications companies (Verizon tops the list), and they only relatively recently have begun to gain upward traction, in part because of extraneous issues like interest in Skype. Vonage is a half decent example because its founder faced some securities violation accusations from his activities at Datek years before.
Here are some basic responses to yours. My reply thoughts are in red.
//Bottom line, why no new Director on the Audit Committee? Why let the stock get unhalted for an easily corrected technicality?// - Perhaps because no one in his or her right mind would commit to serve in that capacity absent a completed forensic audit. That seems pretty sensible to me. -- Seems to me that CCME claims to have big cash, meaning enough to compensate someone for taking the risk; coming on after the possible fraud is a defense for actions that happened beforehand; the company could have signed a nondisclosure agreement and shown the possible Director candidate preliminary results or findings from PWC, from DLAP, through its' attorneys, and through its professional advisors to get them to feel more comfortable. There's plenty of qualified people who could have stepped in if CCME diligently searched and intended to hire the Director candidate.
//If you can disprove the "key" allegations, why not fight in the hearing to protect shareholders?// Not sure precisely what you are saying here, Andrew, but the company did announce its intent to appeal the delisting, complete the forensic audit, and THEN share its results. -- FHM, it's plain that if the company can disprove the allegations, they should have fought zealously to keep the stock halted (which means not rolling over by failing to get a new Director in place (something I consider much easier to accomplish than you do. We can respectfully disagree on how easy it is for a company with 170MM in the bank (allegedly), #1 on the Forbes 200 up and coming China companies list to accomplish. The could have asked any number of business people, lawyers, and passed whatever was needed to pay up. Even if just to meet procedural expectations, the new Director could even leave and be replaced after a short stay that's long enough to get through the Nasdaq Hearing while the shares remain halted.
//That suggests the CEO was with the shorts, and that fiduciary duty mean nothing to this CEO.//
huh? Now you've completely lost me... care to explain? Thanks. - FHM, I am not saying the CEO was definitively in bed with the shorts. What I am saying is that if A) getting a new Audit Committee Member / Director could have been installed; and B) the failure to perform A means the shares necessarily will open pink (giving shorts a massive windfall despite a huge remaining information vacuum that would have included exonerating evidence if only CCME had remained halted), then C) the CEO / Board Chairman did not honor his fiduciary obligation to zealously protect the company and its shareholders since the shares would likely have reopened higher (whether listed or delisted) than they did upon delisting based solely on technicality A with a massive imbalance of alarming information in the public domain from within CCME. I am excluding all hitpieces from this analysis.
BTW, we don't even know for sure what Dorothy Dong proposed would be reasonable measures to protect shareholder value that were rejected by the CEO.
And about the intent to appeal... that's nice, but they can change their mind on that, and it's too little too late for the shareholders, yet right on schedule for the shorts. On top of that, that's not binding; the company can change their mind or just go through some motions without really meaning to succeed.
Well, anyway, even if the CEO was in the pocket of some shorts, that chapter could be over and now the CEO may work to raise up the share values.
-Andrew
Every RTO Chinese firm should hire them or be required by their umbrella providers to hire them in advance at least on an advisory level. That's what's great about the business model for DLA Piper and any other firms who offer this kind of service at their world class level.
The firm would be asked to evaluate the RTO before the hitpieces come out to protect shareholder value of the client, offering suggestions and opinions on steps the company could and should take to protect itself. One suggestion, for example, would be to videotape its activities regularly; another would be to post substantive instances of its activities online. Removing the distance from the shareholder is critical to decreasing suspicion.
These companies have a PR problem. Been saying that since Day 1 in this sector. "As Andrew pointed out forcefully when he stormed onto the scene, that is a very important part of maintaining shareholder value." Source
-Andrew
Here's the Google translation link: http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=zh-CN&tl=en&u=http%3A%2F%2Fwww.switow.com%2Fhelpcenter%2Fmanager.do%3Fmethod%3DgetArticle2%26helpinfoid%3D005001
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Blue3116, the proof will be in the pudding.
As the facts are presented now, I can only guarantee that the price will move substantially with news, not with technical analysis, blind pumping or unfounded criticism. Once news comes, then the technical analysis may become available for predictive purposes.
To me, the recent unvetted soudbite attributed to the so-called spokesperson in an article that had a whopping 4 authors implies only so much of a denial, i.e. "key" allegations. This double or triple hearsay was not a categorical denial. Just like the shareholder letter from the CEO in September, big issues may be refuted while other big issues may be left out.
Here's a rosy possibility: Let's say the CEO was in bed with the shorts and that's why he let the shares tank and let it go off the halt, yet there's still good underlying business without massive fraud. The company may show lots of cash and a vibrant PWC/DLA Piper confirmed business. That scenario could play out and this could go up. Especially if the company follows through with its long awaited dividend and buyback (provided new financials are first completed and accepted by the BOD as this was their prerequisite to such shareholder favorable actions).
There's even a cynical argument that to let the shares tank would shake off the shorts. Let them win, then they'll move on. I don't buy this, but it's worth pointing out.
On the other hand, let's say some frauds previously alleged or new ones yet not alleged are confirmed. The market may then send shares far lower, i.e. like RINO.
CCME could also go dark at any point. For all you know, this is the plan already.
There's just too many variables. That's why CCME is pure gambling in an environment where many good company shares have recently declined.
Also, keep in mind that shareholders have no right to access the report from DLA Piper or PWC. They work for the Independent Directors, not shareholders. The report is privileged. So what shareholders hear may be limited, repackaged, or not as specific as what the Directors hear from that report. Recall how CCME failed to tell shareholders why DTT resigned until forced later by DTT.
How CCME plays out matters to the rest of the sector and also to enforcement agencies. There's quite some mystery still as well as implications on other names, if not whole trends.
I don't disagree that there's a good chance the shares go up with the next news. With the right news, this could shoot way up in even one day. With bad news, this goes through the floor. If someone wants to buy some for the short term awaiting news at these levels, it could pay off well. Just don't pretend it's a trade based on technicals or fundamentals. It's gambling.
Once news comes providing a snapshot of the company, then the stock resets, so to speak. Before then there's no reset, only whims, guesses, and chaos.
-Andrew
DLA Piper sets up China Securities Litigation Response Team - http://www.dlapiper.com/dla-piper-announces-china-securities-litigation-rapid-response-team-06-09-2011/
Let me be clear: I want CCME shares to go up. I hope they go up. Like Michael, some of my friends are still long CCME.
I'd also like reliable answers about this company before agreeing it's investable and/or worth putting cash at risk.
-Andrew
Link is here: http://www.dlapiper.com/dla-piper-announces-china-securities-litigation-rapid-response-team-06-09-2011/
DLA Piper is marketing itself to the Chinese companies under fire. Smart marketing for DLA Piper.
JB3729, The proof will be in the pudding, not in the pumping.
Your comments in black, with reply in red.
"This is a reply to a private message." - Have no idea what was said to you.
"If the board is not biased, what's this NO^CCME?" - Take that up with iHub. Maybe they can rename the Board.
Have you ever seen anything more negative attached to a board? - Yes, the resignations of DTT, Dorothy Dong, Marco Kung, the rescinding of the DTT signoffs from 2009, allegations that the CEO was in the pocket of the shorts, not getting a new Board Member on the Audit Committee; being halted pending a hearing which never happened which allowed locked in shorts to escape before the so-called truth of CCME would set longs free, and silence of the CEO.
"Why was a sticky attached to the top of the board for months that read CCME IS A FRAUD?" Answer: This Board is neither long nor short; it's open to many ideas and perspectives. Some may feel CCME is a Fraud. Some may think CCME is going to the moon. Some may be in between these two perspectives. That CCME is a Fraud has never been the only idea or perspective expressed here. BTW, I do not recall a message that said, "CCME IS A FRAUD" attached in the manner you describe. BTW, it only takes one instance of fraud to qualify that CCME is a fraud. That does not mean CCME is a total fraud in all it's activities. The market will devalue a company that oversaw any fraud for its lack of candor and trustworthiness.
"Yesterday, CCME replied positively to the Wall Street Journal." - Yesterday a "spokesperson" was quoted saying something favorable to CCME which, based on the trading action, seems to have leaked in advance of the publication. The source was not identified by position or authority, much less access to the information. While positive, the comment was qualified by the term "key" without specificity as to which key allegations would or would not be disproven.
The "http://investorshub.advfn.com/boards/read_msg.aspx?message_id=64128251 Within minutes there were two posts throwing cold water on the bullish news. Any hint of bullishness will not be condoned." - Actually one of the two messages which reply to the above message stated, 'ccme will be back to 20 dollars. its too cheap down here. waiting for things to clear. The buddhist might be right after all with all these positive pumps the last few days by WSJ.' That sounds very bullish to me. That's not cold water.
"The NO^CCME board is shameful." The failure of the company to protect and communicate with shareholders is shameful.
"Good Luck to all believers of the Company." - Agreed.
"Not so much to the believers of Citron, MW, etc." - Agreed. These short and distort reports were full of half truths and fabrication. The SEC should investigate these hitpiece authors and their cronies.
Bottom line, why no new Director on the Audit Committee? Why let the stock get unhalted for an easily corrected technicality? If you can disprove the "key" allegations, why not fight in the hearing to protect shareholders? That suggests the CEO was with the shorts, and that fiduciary duty mean nothing to this CEO.
-Andrew
US / China Debt - Chinese Ratings House Opines that US is Already Defaulting - Sounds a little propaganda-ish: http://ca.news.yahoo.com/china-ratings-house-says-us-defaulting-report-054309883.html
US / China Debt - Chinese Ratings House Opines that US is Already Defaulting - Sounds a little propaganda-ish: http://ca.news.yahoo.com/china-ratings-house-says-us-defaulting-report-054309883.html
Wuyi HK-- Approves Another Dividend and Special Dividend: click here or see bold below:
WUYI INTERNATIONAL PHARMACEUTICAL COMPANY LIMITED
(Incorporated in the Cayman Islands with limited liability) (Stock Code: 1889)
POLL RESULTS OF ANNUAL GENERAL MEETING HELD ON 9 JUNE 2011 AND DIVIDEND PAYMENTS
POLL RESULTS OF ANNUAL GENERAL MEETING
The board of directors (‘‘Board’’) of Wuyi International Pharmaceutical Company Limited (the “Company”) is pleased to announce the poll results in respect of the resolutions proposed at the annual general meeting (the ‘‘AGM’’) of the Company held on 9 June 2011 as follows:
Ordinary Resolution
Number of votes (%)
FOR
AGAINST
1.
To receive and consider the financial statements and the reports of the directors and auditor for the year ended 31 December 2010.
917,567,500 (100.00%)
0 (0.00%)
2.
To declare a final dividend.
917,567,500 (100.00%)
0 (0.00%)
3.
To declare a special dividend.
917,567,500 (100.00%)
0 (0.00%)
4.
(a) To re-elect Mr. Xu Chao Hui as director and authorize the Board to fix his remuneration.
913,070,500 (99.51%)
4,497,000 (0.49%)
(b) To re-elect Mr. Tang Bin as director and authorize the Board to fix his remuneration.
917,567,500 (100.00%)
0 (0.00%)
(c) To re-elect Mr. John Yang Wang as director and authorize the Board to fix his remuneration.
913,070,500 (99.51%)
4,497,000 (0.49%)
5.
To re-appoint CCIF CPA Limited as auditor and authorize the Board to fix their remuneration.
917,567,500 (100.00%)
0 (0.00%)
6A.
To grant a general mandate to the Directors to issue shares not exceeding 20% of the aggregate nominal amount of the issued share capital under the Ordinary Resolution no.6A.
895,824,000 (97.63%)
21,743,500 (2.37%)
6B.
To grant a general mandate to the Directors to repurchase shares not exceeding 10% of the aggregate nominal amount of the issued share capital under the Ordinary Resolution no.6B.
917,567,500 (100.00%)
0 (0.00%)
7.
To extend the general mandate granted to the Directors to issue shares by the addition thereto the shares repurchased by the Company under the Ordinary Resolution no.7.
896,310,500 (97.68%)
21,257,000 (2.32%)
On the basis of the votes set out above, all the above resolutions were duly passed as ordinary resolutions.
As at the date of the AGM, the total number of issued shares in the Company was 1,709,772,500 shares, which was the total number of shares entitling the shareholders to attend and vote for or against the resolutions at the AGM. There were no shares which entitled the holder to attend and vote only against the resolutions at the AGM.
The Company’s Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, was appointed as the scrutineer at the AGM for the purpose of vote-taking. Mr. Wan Yuk Lun, a representative of CCIF CPA Limited, the auditor of the Company attended the AGM.
Shareholder may refer to the circular dated 19 April 2011 for details of the above resolutions proposed at the AGM. The circular may be viewed and downloaded from the Company’s website at www.wuyi-pharma.com or the designated website of The Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk.
FINAL AND SPECIAL DIVIDEND PAYMENTS
The proposal for the payments of final dividend of HK1.6 cents per share and special dividend of HK8.8 cents per share to the Shareholders was approved at the AGM. It is expected that the final dividend and the special dividend will be paid on 17 June 2011 and 19 August 2011 respectively.
By Order of the Board
Wuyi International Pharmaceutical Company Limited Lin Ou Wen
Chairman
Hong Kong, 9 June 2011
As at the date of this announcement, the Board comprises 3 Executive Directors, namely Mr. Lin Ou Wen (Chairman), Mr. Lin Qing Ping and Mr. Xu Chao Hui, 2 Non-executive Directors, namely Mr. Tang Bin and Mr. John Yang Wang ,and 3 Independent Non-executive Directors, namely, Mr. Liu Jun, Mr. Lam Yat Cheong and Mr. Du Jian.
Jtechkid: This Board is indeed haunted-- by the CEO who has yet to explain himself, as well as a Host of Ghosts: the Ghost of DTT Signoff-Past, the Ghost of Ping Luo (Global Hunter) Buy-Rating-Past, the Ghost of Darren Ahftari (Northland Securities) Buy-Rating-Past, the Ghost of CCME New-IR-Past, the Ghost of Jacky Lam 100,000 Share Purchase at 15-Past, the Ghost of DTT-Resignation-Present, as well as the Ghost of CCME Buyback Future, the Ghost of CCME Dividend Payment Future, the Ghost of New CFO present, the Ghost of Audit Committee Vacancy Past and Present, the occassional Ghost of Encumbered Speech, and more suspect spirits than a medium to the depths beneath each Red China Stone...
BTW, see the penultimate Ghost above; there is no prerequisite of a long or short position to partake in a position here, and I am constantly reevaluating whether to take a position in the future as facts may change. For example, if the company is 100% exonerated with serious proof and has a solid explanation for enabling its own delisting for lack of a Board Director on the Audit Committee, I will happily go long again. I encourage anyone who wants to go long now without more information to go right ahead if they like, but, for a more prudent investor instead of a gambler, caution is warranted until the facts change favorably or unfavorably in the near to mid term.
You should be afraid of the Ghosts named here, not words of caution from little old me.
-Andrew
Surely none of us here would ever advocate harm to another without due process and thoughtful deliberation. In society, however, there is always the possibility that some unscrupulous people who feel wronged, say by the CEO or by Block, take matters into their own hands. (I caution all not to utilize self-help and to instead let the justice system work). That said, this notion was best explained by Joe Natural here, capturing a sentiment with which some may relate.
-Andrew
Yeah, and Zacks rated it Buy during the halt...
Am happy to see this forum exists after all under Snoff.pk, Thank you.
Thanks!
*Key* allegations... The CEO letter went towards the same direction, effectively disputing some of the key allegations up to that point, while leaving others on the table; meanwhile the pile of allegations has grown.
How about this spokesperson announce that China MediaExpress will prove that "all" allegations of wrongdoing are wrong and, on top of that, that they plan to sue those who originated and published these fabrications to manipulate a traded security for their benefit in violation of the law.
BTW, who knows in what language the statement about disproving "key allegations" was made, the language skills of the "Spokesperson", and, for that matter, how much of it may have been lost in translation.
-Andrew
TRE.to - SinoForest - RBC supports Sinoforest. "He left his Outperform rating and $27 price target on the TSX-listed commercial forest plantation operator unchanged."
http://business.financialpost.com/2011/06/10/rbc-report-supports-sino-forest/
Good old Royal Bank of Canada to the rescue...
I'd rather be waiting on TRE today than having been stuck in CCME when that halt began.
-Andrew
SEC warning - Forget "hot" tip warnings... How about an SEC warning: "Whenever a Big 4 auditor signs off on an annual audit, always ask whether the auditor will later rescind the audit, leaving shareholders who relied thereon in peril while the underlying security is then halted, only to open 70% lower without an inkling of additional information about the underlying security beyond allegations of fraud".
"Whenever someone gives you a “hot” tip, always ask what motivated them to do so. Make sure that you do your own research instead of relying on what somebody has told you. Keep in mind that information from online blogs, social networking sites, and even a company’s own website may be inaccurate and sometimes intentionally misleading."
CBBD - SC 13G accessed
here
stocknovicehere:Here is the link you did not post to the message which was not by WCTBILLS. - http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_C/threadview?m=te&bn=101061&tid=116453&mid=116453&tof=1&frt=1#116453
Aggie9518:
I think we can agree that if the 5-6 level is hit, it wont be because MNYC posts "going to 5-6" a half dozen times daily. It will be based on a change in the information presented by the company, a dividend, a buyback, or another major event.
So like you I wont consider buying absent new information.
-Andrew
I'll be sure to add that to your list.
On a more bullish note, it appears that there are fewer messages in the YMB by the usual bashers. For example, "Don Monfort" (who some have called a pseudonym for John Hempton) has not been around in a while on the regular schedule. Perhaps he and his cronies covered.
Arthur_Big, perhaps you have overlooked the Muddy Waters CCME reports and video of the phone conversation...
MNYC asks, "What is stopping the people who bought way up there above 10.00/12.00 or even 15/20.00 to average down here and play a 6.00-8.00 reversal?"
Answer: Lack of transparency by management. Total disregard of shareholders by management. Failure of management to keep shareholders informed. Everything DTT said + the resignations. Radio silence by management. The CEO. There's many more answers:
"DTT raised the following issues (some of which may be considered to be disagreements) encountered during the audit, including: 1) issues related to the authenticity of bank statements; 2) a loss of confidence in bank confirmation procedures carried out under circumstances which DTT believed to be suspicious; 3) issues concerning the validity of certain advertising agents/ 4) customers and 5) bus operators (including with respect to certain of the 6) Company's top ten customers); 7) concerns over possible undisclosed bank accounts and 8) bank loans; 9) information on file with the State Administration of Industry and Commerce as to certain subsidiaries appearing to be inconsistent with comparable financial information provided to DTT; 10) the verification of the validity of a sampling of tax invoices issued in connection with certain large transactions; 11) the verification of certain subsidiary tax payments with the local office of the State Administration of Taxation; 12) the verification of salary payments made in cash directly to employee bank accounts; 13) the verification of the production process for advertising programs; and 14) the potential double counting of a certain number of buses. As a result, DTT had requested that the bank confirmation process be re-done at the banks' head office and that the issues described above be addressed by an independent forensic investigation." (numbers added)
Read resignations by Jacky Lam, Dorothy Dong, and Marco Kung.