Orient Paper had a similar hiring scenario. I think they announced it this way so it seems as above board as possible. The difference with Orient is the CEO stepped up and made a statement to go along with the release.
July 16, 2010 2:11 PM EDT
Orient Paper, Inc. (AMEX: ONP) today announced that in order to provide the highest level of transparency to its shareholders, the Company's Board of Directors has decided to retain Loeb & Loeb LLP, who plans to work with the Company's Audit Committee to retain a Big Four audit firm, to conduct an independent investigation into the issues raised by Muddy Waters, LLC ("Muddy Waters").
"The Audit Committee of the Board of Directors of Orient Paper firmly believes that the allegations made by Muddy Waters are categorically false and without merit," stated Mr. Drew Bernstein, Independent Director and Audit Committee Chair. "We have decided to take the exceptional step of retaining a top-tier international law firm and a Big Four audit firm to conduct an independent third-party investigation into these accusations in order to further reassure our investors of the integrity of our financial statements, business operations, customer and supplier relationships, and the use of proceeds from our capital markets activities."
Mr. Zhenyong Liu, Chief Executive Officer, added, "We are confident that this investigation will vindicate the company's financial disclosures to be accurate in all material respects."
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