I respectfully disagree. The $30 million buyback by itself will be nowhere near enough to address this issue. MW stated that CCME may very well have a lump sum of money which they allegedly use to promote the "pump and dump" stock. Buying back $30 million in stock will have a positive impact put it will not put this issue to rest. CCME needs to address the legal issues as well as the reputational issues.
When multiple firms launch fraud reports against your company, you don't do the bare minimum that you think you can do to somewhat preserve the business, you come out guns blazing. If I have contracts for 28,000 busses, I'm going to make those publicly available so that there is no possible recourse for the nay sayers. If someone says that you don't have agreements with suppliers, you ask the suppliers to go on the record. If someone says that you don't have operational cash flow, you get independant audits of the balance sheets, P&L statements and Bank statements.
THEN you go one step further and you take care of your investors through financial means, such as strengthened buybacks, dividends and insider buying. I would even go so far as to consider reducing the share earnout by 50% ON TOP of all of this.
Fact is that the path to geting back the hundreds of millions that were recently lost, and eventually obtain a fair valuation is to get the shorts out, ENTIRELY.
If we don't see a very rigerous response that involves some of this stuff by end of day Monday that will be very concerning to me.
