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How did CSKI go from $25 to $2
Three professional short sellers and a short fund invested in a $20 million dollars short position in CSKI nearly 3 years ago. They jointly and viciously began making outrageous accusations about faulty products, inventory irregularities, secret subsidiaries, self-dealing, shoddy accounting, and claims that CSKI was broke and lying. New negative articles, stories, and postings were released weekly. Each short seller backed up the claims of the others. CSKI's newswire denials received little publicity.
The short sellers petitioned and received a SEC inquiry into CSKI. Announcement of the SEC inquiry further crushed the stock.
John Bird filed a lawsuit against CSKI’s auditor, MSPC stating the auditor should have discovered fraud at CSKI. The lawsuit was dismissed on June 28th, 2011 but not before John Bird benefited with months of publishing the negativity of CSKI of having a fraud lawsuit hanging over it head.
In three years, all of the accusations were proven false, undocumented, or in many cases, absurd. After a two year investigation, the SEC found no corruption of any kind at CSKI. Meanwhile, shareholders had dumped CSKI stock like it was on fire. The negative publicity and the SEC inquiry triggered two of CSKI’s major distributors to discontinued doing business with CSKI. The short sellers never found problems at CSKI, they created them.
The prominent short seller, John Bird proudly said, "It was like taking candy from a baby". He made a fortune. Thousands of shareholders lost hundreds of millions of dollars. The SEC did nothing. This is the same John Bird, alias Waldo Mushman still posting on our board trying to squeeze the last drop of blood from CSKI shareholders.
There is a simple SEC online complaint form or write the SEC if you believe this was stock manipulation.
Forest Lease & Song Bei Pictures
These pictures relate to posting on Yahoo.com - finance-CSKI