Replies to post #32815 on China MediaExpress Holdings, Inc. (fka CCME)

[suntzutrade]

Deloitte’s stated reasons for resigning were its conclusion that the Company was “minded not to proceed in good faith on the basis of our requested course of action” – to conduct an independent forensic investigation – and its loss of confidence in the representations
of management and the commitment of the Board and the Audit Committee “to good governance and reliable financial reporting” Compl. ¶ 53. The Company has, in fact, proceeded with Deloitte’s requested course of action and an independent investigation is underway.

[otatais]

Thanks Chris, appreciate your posts.

[ChineseNewYar]

This just circles back to my original post - their motion for dismissal of Starr's suit makes a direct statement that Piper was hired specifically to perform the actions requested by Deloitte, and that the forensic investigation requested by Deloitte is currently underway.

I've pointed out the possibility that they are lying, or mincing words to be deceptive, and I certainly don't think that "no news is good news." People should stop assuming that 6 weeks with no news about PWC must mean a clean forensic audit, because it does not.

But it's a clear fact their motion for dismissal includes a reasonable confirmation (by their statements, anyway) of an independent forensic audit in progress. Which would have to be managed by the Audit Committee of the Board and none other (that's what the Audit Committee of a Board is for), and is all the more independent since the forensic auditors are not directly contracted to them.

[Texbanker]

Any of the attorneys here think there is any chance of recovery against DTT? The company? Anyone hear of any progress on the shareholder class action suits? I haven't received anything in the mail.