Longwei Petroleum (LPH) responds to fraud allegations which sent shares plunging 73% yesterday...

Longwei Petroleum (LPH) responds to fraud allegations which sent shares plunging 73% yesterday before a trading halt; LPH says the report contains "numerous errors of facts, misleading speculations and malicious interpretations of events," and will release additional information concerning the allegations "in due course." Trading still halted.

Comments (5)
  • COmtnkayaker
    , contributor
    Comments (6) | Send Message
    Just when I thought LPH might stabilize their price a bit by suggesting a quarterly dividend to instill some confidence, and get the respect a fully U.S complying company should get after all of the Other Chinese "cooked books" situations, we get the bomb. Looks like RedChip is in fact VERY red over all this, dumping coverage on all Chinese companies today. As an investor, I certainly was banking a lot on Red Chip vetting the news and press releases. Shame on me, and interesting how fast they disassociate. Their marketing is just as fraudulent as the companies they are running from, if all they do is repeat what is given to them.
    4 Jan 2013, 11:05 AM Reply Like
  • n7215w
    , contributor
    Comments (4) | Send Message
    People panic way too easy! Unbelievable!!!! What a buying opportunity yesterday was.
    4 Jan 2013, 01:33 PM Reply Like
  • Vaughn M70
    , contributor
    Comments (29) | Send Message
    The only buying opportunity with LPH was buying short positions.
    8 Jan 2013, 05:07 PM Reply Like
  • n7215w
    , contributor
    Comments (4) | Send Message
    This is unbelievable!!!! How people panic!!!! How one article can influence people so much.
    4 Jan 2013, 01:35 PM Reply Like
  • joeclarke9@aol.com
    , contributor
    Comments (20) | Send Message
    Comtmkayaker I agree with you, I am done with Red Chip No Review
    and all Chinsleaze stocks as well
    6 Jan 2013, 07:03 AM Reply Like
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