China RTO short seller crocks are about to get their clocks cleaned!
Two of them are fighting back hard, and taking no prisoners already. I can't help but wonder if VV is also AL, one of the guys that first attacked ABAT, on Seeking Alpha? VV has only writen 4 articles, 3 taking short positions and tossing mud at ABAT. The other was CCME. I have been following about 12 of the stocks and short writers, I strongly suspect at least 50% of the fraud is the shorts / short articles writers themselves.
ABAT should be next to make a stellar comeback IMHO! Just look at these two!
Deer Consumer Products, Inc. (Nasdaq: DEER) (website: http://www.deerinc.com/), a leading provider of "DEER" branded household consumer products to Chinese consumers and a vertically integrated manufacturer of small household and kitchen appliances for global customers today announced that Deer is fully aware of the latest desperate short seller attacks on Deer on September 6, 2011, including another publication of the same old lies by a fictitious figure "Alfred Little," including totally fabricated information, false identities, and false allegations against the Company. Deer has repeatedly filed relevant land acquisition related documents with the Securities and Exchange Commission (SEC), and Deer stands by the accuracy of its public filings.
Deer is not aware of any negative development with its business and is conducting its normal course of business.
Deer also notes the short seller "Alfred Little's" attempt to link Deer to a heavily shorted and unrelated company, Harbin Electric, Inc. whose management team has announced a going private transaction at $24 per share in cash, with a shareholder voting record date of September 13, 2011, and advised by Goldman Sachs, Morgan Stanley and Lazard Freres & Co., as well as represented by several global law firms.
DEER REPORTS SIGNIFICANT PROGRESS MADE AGAINST STOCK MANIPULATORS
On March 28, 2011, Deer filed suit against short sellers and certain bloggers including "Alfred Little," a now-admitted fictitious figure, alleging an orchestrated scheme to manipulate and depress Deer's stock. Since then, "Alfred Little" has failed to answer the complaint, changed his identity from a real person to a web-site, and attempted to extort the company by threatening to publish more false defamatory reports until the company dropped its claims against these defendants.
On August 29, 2011, the New York Supreme Court granted Deer's motion to serve "Alfred Little" with the summons and complaint in the New York Litigation by e-mail and "Alfred Little" was served the following day. A default judgment may be granted against "Alfred Little" if this defendant does not show up in court. Deer is represented by highly credible and competent legal counsel against the short seller defendants.
Further, as previously disclosed by the company, Deer has court permission to serve document subpoenas on various parties related to the lawsuit to identify the anonymous defendants and Deer will conduct all necessary inquiries relating to the apparent stock manipulation scheme against the Company.
Deer believes its common stock has been manipulated in collusion among "naked" short sellers, which include California and offshore-based hedge funds and individuals that distribute false and fabricated information concerning Deer via various websites and blogs. Deer will continue to pursue all legal actions to protect its shareholders' value.
STRONG BALANCE SHEET, REAFFIRMS 2011 FINANCIAL GUIDANCE AND DIVIDEND POLICY
As of Q2/2011, Deer had shareholders' equity of approximately $157 million and more than $22 million in cash and cash equivalents without any long-term debts. Deer has sufficient cash on hand and has no plan to dilute its shareholders. Deer also affirms previous issued 2011 financial guidance and dividend policy.
DEER CONFIRMS ACCURACY OF LAND USE RIGHT AND OTHER SEC DISCLOSURES
Deer has made numerous filings with the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K disclosing its land use rights in the Anhui Province of China. Despite recent claims of certain bloggers, who Deer believes to represent the interests of short sellers, Deer confirms that its disclosures in such filings were accurate, complete and reflect the commitment of management to provide the public with full and fair disclosure.
ABOUT DEER CONSUMER PRODUCTS, INC.
Deer Consumer Products, Inc. is a NASDAQ Global Select Market listed U.S. company with its primary operations in China. Deer has a 16-year operating business as well as a strong balance sheet. Operated by Deer's founders and supported by more than 100 patents, trademarks, copyrights and approximately 2,000 staff, Deer is a leading provider of "DEER" branded consumer products to Chinese consumers and a leading vertically integrated manufacturer of small home and kitchen appliances for global customers. DEER's product lines include series of small household and kitchen appliances as well as personal care products designed to make modern lifestyles easier and healthier.
Ambition with out knowledge is like ship in dry dock. Going nowhere fast!
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