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'Major' Findings Of FAB's Internal Investigation Continue To Leave Investors In The Dark
- FAB internal investigation found that only a “small number” of kiosks have media download capability.
- Cash balance confirmations cannot be relied upon in China.
- Most “Intelligent Media Kiosks” actually contain no media at all.
- FAB falsely claims Wang Lirong never worked for the company and claims to have filed a lawsuit against her.
- Eight-month NYSE trading halt served no purpose whatsoever and damaged all investors, long and short.
FAB Universal's Undisclosed Acquisition Of Beijing Vanpos Telecom
- FAB has repeatedly disclosed that it has precisely 3,954 media kiosks in Beijing since 2012.
- In 1H 2013, FAB failed to disclose its acquisition of Vanpos, a company having around 1,000 kiosks in Beijing.
- FAB's Beijing static kiosk count makes no sense in light of the 1,000 kiosks acquired via Vanpos.
- FAB rebranded the 1,000 additional kiosks with FAB 5c logo stickers, likely to fool its auditor and other gatekeepers.
FAB Universal: Glaring Contradictions In Its 2013 10-K
- On July 16th, 2014, FAB Universal (FU) will make an oral appeal to the NYSE’s April 28th, 2014 delisting decision.
- Presumably FAB will try to explain how its secret $16.3 million Chinese bond offering was not a sufficiently bad corporate governance-lapse to merit a delisting.
- FAB will also have to explain how its decision to downgrade its auditor somehow made sense given its admitted lack of internal control over its Chinese subsidiaries.
- In today’s report, I analyze and expose contradictions in FAB’s new description of its media kiosk business and question why FAB’s former auditor was unable to perform cash balance confirmations.
- FAB Universal Media Kiosks: A Fundamental Misunderstanding?
- FAB: Where Are Your Beijing Media Kiosks?
- FAB Universal: Management Caught Red-Handed Covering Up Piracy
- FAB Universal: The Face of Piracy In China
- Silvercorp Management Misled Investors With A False Cash Flow Forecast And Delayed Negative News
- The Bell Tolls For Deer Consumer Products
- Silvercorp Reluctantly Discloses Significantly Lower Resources And Grades For Key SGX Mine
- Deer Consumer Products Shares Halted After Factories Idled
- Silvercorp President Myles Gao's Recent Statement Contradicts The Historical Size Of The Ying Mine
- SilverCorp Management Fails To Refute Evidence Its Earnings Are Off 5X
- Puda Coal Chairman Ming Zhao: Time To Expropriate The Expropriator
- Feihe International: Rapidly Improving Balance Sheet, Growing Market Share and Strong Earnings
- Puda Buyout Unlikely After Auditor Resigns
- Evidence Proves SCEI Chairman Fabricated Production Videos
- Video Surveillance of Sino Clean's 'Ghost Factories' Finds Little-to-No Activity
- Puda Coal Chairman's $12 Buyout Offer: The Most Doubtful LBO of All Time
- Three 'Short-Proof' Chinese Stocks
- Puda Coal Chairman Sells Half the Company; Pledges the Other Half to Chinese PE Investors
- China Integrated Energy: Investigators and KPMG Begin Sorting Through Evidence
- Chinese RTOs: What Can Investors Buy When Even 'Big Four' Auditors Fail?
- The Problems With Deer Consumer Products
- Can China MediaExpress Recover in Round Three?
- China Natural Gas Again Delays its LNG Production Prompting Downgrade
- Youku Business Model Already Failing: Stock Should Follow Suit
- RINO: Tax Evidence Completes the False Accounting Story
- China New Borun: Investors Race to Exit as Concerns Mount
- How China Borun Has Exaggerated Its Financial Performance
- China New Borun: Born to Run or Destined to Fall?
- China Green Agriculture: Why This Chinese Class Action Lawsuit Is Different Than the Rest