I've been following this story for gurufocus.com since the original Muddy Waters report was released.
I'm sorry to say for shareholders that things just got even worse as both the auditor Deloitte and Touche and the CFO have now resigned:
http://www.bloomberg.com/news/2011-03-14/china-mediaexpress-cfo-resigns-auditor-calls-for-investigation.html?cmpid=yhoo
Experience helps in investing. I've seen several situations like this over the years and they never end well for shareholders.
I thought it would be smart for shareholders in this instance to sell first and then let the story play out. I wish that didn't turn out to be accurate.
I had a personal experience similar to this years ago with a company called ACLN Limited which turned out to be a complete fraud. So I take no joy in the little guy losing money because of some bad people committing a fraud.
I'm sorry to say for shareholders that things just got even worse as both the auditor Deloitte and Touche and the CFO have now resigned:
http://www.bloomberg.com/news/2011-03-14/china-mediaexpress-cfo-resigns-auditor-calls-for-investigation.html?cmpid=yhoo
Experience helps in investing. I've seen several situations like this over the years and they never end well for shareholders.
I thought it would be smart for shareholders in this instance to sell first and then let the story play out. I wish that didn't turn out to be accurate.
I had a personal experience similar to this years ago with a company called ACLN Limited which turned out to be a complete fraud. So I take no joy in the little guy losing money because of some bad people committing a fraud.
