ONP - There is good reason to be positive in regards to ONP. There is a possibility that they are not completely in the clear, but I am confident that they are. Plus, the main points in their allegations, misappropriated funds, overstating revenue, the new equipment not being what was stated, the customers not existing.
These points have been refuted. In regards to the equipment, Eric Jackson and his associates did a good job to rebut those claims by visiting the supplier and getting the details and seeing it being built. MW used aic filings that were not the real AIC filings to state that ONP overstated earnings and ONP's filings match. The top ten customers do exist and even Waldo admits to that now. It is possible that something is wrong, but no where, I mean nowhere close to the extent as MW has stated.
Plus, it has been four months, they have a quality auditor in BDO and they have not had to issue any re-statements. They did their quarterly reports without any issue and plan on hitting guidance close to .90 which if fraudulent, I couldnt imagine doing that because you also have to imagine that BDO has had people there as well to ensure they were correct. On top of it, ONP has strongly defended themselves.
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