China North East Petroleum Holdings, Ltd.(fka CNEP)

[rru2s]

If non-cash charges are so irrelevant, then why did the accounting for stock warrants hammer down the other popular china oil play, Longwei Petroleum (LPIH) right after earnings came out this month. Yet, NEP is caught with 2 years of listing warrants as equities instead of liabilities. Shouldn't that an immediate effect on NEP's stock price like it did with LPIH? Or is that shock price drop waiting to happen when the revised filings are released? I do realize NEP has a longer history than LPIH and it's business sounds a little more involved than just filling up storage tanks, yet both are in a good market sector and positioned to generate lots of cash.

Does anyone have any insight why one stock can get hammered so much worse than another over this kind of issue?