Burp:
I need to disagree with you about these firms being in on any scams.
They are in the business of finding companies that do wrong and filing shareholder suits. They show up when wrong is alleged just like some sell shares when wrong is alleged. They are just making a living specializing in shareholder suits.
These suits protect us by keeping companies honest. Not all companies have a CEO who believes in Karma. Many just care about how they can get in trouble financially.
If they bring a suit that is groundless, they will not get attorney's fees. Attorney's time in shareholder suits can be very time consumptive and costly. Such cases usually have interlocutory appeals and are hard fought.
Their obligation as an attorney is to the shareholder and not specifically to sue CCME. Properly educated, these firms may well attack Muddy Waters and Citron, if those outfits are shown to have acted in reckless disregard for the truth or to have just plain lied, i.e. libel, for profit.
A lawyer does not want to bring a bad suit that gets dismissed. They have no idea what the truth is. Think about it. We did not really know either. Some of us still are unsure and that's fine as the details get worked out. I'm confident based on today's disclosure that the company did not do wrong. Where there's been no wrong, there is no case. No case = no attorney's fees and a lot of costs, not to mention frustration and embarrassment.
-Andrew
AI
