CELM: FWIW, here's my brief email exchange with their CFO.
On Thu, Mar 31, 2011 at 5:00 AM, <XXXXX> wrote:
Good morning Dexter,
Can you provide any additional clarity? Waiting until the morning of the CC to announce this news is unbelievable. Is this company real?
Thanks,
Chad
We held an audit committee meeting with the auditors on Tuesday evening. The senior partner of MB told us everything was fine and we were ready to file. Wednesday morning about 2:30AM I got a call from the Chairman telling me that the field partner "found" some irregularities and needed the company to provide further details. They gave us two days, but Chinese management said its not enough. A special investigation committee was formed to do internal investigation.
Every time I went to the factory they were busy. More than 25 investors visited the company last year. All of them were happy. Based on the financial data they gave me, its a normal company. This is the most I can say.
Its most unfortunate that this happens. I heard that ALL MB clients could not pass its audit
dex
