Shapiro Advising CCME
You are kidding right - they are “ investigating potential violations of the federal securities laws" as stated from their web site
Why would Shapiro Haber & Urmy LLP enter into a suit to get Muddy and friends unless CCME backed it - they do not state who the client is, but they also are not looking for plaintiffs - this is a paid for fishing trip and a signal to the Shorts and to all the funds that Shapiro is advising CCME.
It is my understanding that in these kind of cases, the firm provides fees to the legal firm - these guys are not like the firms going after CCME who have plaintiffs lined up and are ready to file - they are only doing an investigation which is pro CCME - they are top class, and they would never represent stock holders unless CCME paid them fees - IMO but I feel like this is common sense.
Since we do get to look at client contracts, someone else could be paying, but it seems like CCME is the only one with money and motive - I thought that was obvious when you counter attack shorts - yes, a suit can only be damages to stock holders, but fees paid by the firm - I would be very surprised if they are just doing it for the case - 100% surprised.
Are they working with CCME on counter measure - well da, that is their business - they work both side of the Street, though, and this is critical, they are known to hate the shorts like Muddy with no facts - they tend to represent fact based cases for above board shorts (this is well known and they have taken down the bet and biggest supporting short interest), which many Boston Hedge Funds and Investment firms are involved in (Wellington and other private firms) - where there is real fraud.
They don’t work with dirty crooks like Muddy water - they hate these kinds of guys - and that is a fact - they need to be 100% clean to be effective in the future.
When it is dirty lies and crooks like Muddy, Shapiro will work with the firm (CCME) to protect itself
Did they advise on the legal parts of the Halt - well I can't say/no fact here, but who the heck would put in a 4 day Halt with no news without legal - and these guys know the SEC inside and out and are very very trusted by the SEC and Nasd - that is one of the reason, in fact the number one reason I am so confident about the Halt -
So:
1. Shapiro would never of been involved with a China Fraud - they could not risk 40 years of rep for that.
2. CCME would never undertake a Halt for 4 business days without the best legal minds talking with contacts at the SEC and Nasd (an no Nasd nor SEC okayed it, they just has off the recored conversations and 80% of the work of Lawyers in this field and what you pay for - off the record opinions from govt sources.)
I think Shapiro talked SEC and Nas about the Halt and got the green light from a legal sense that no harm would be done and what the limits were - that is how I would of played it in the day.
Having Shapiro is a big deal in the courts because they are seen to be very very upright - they fit in well with the Buddhist concept but they will fight it out very very hard.
Okay, now put me on ignore
