CAST: ChinaCast Education Corporation Instablogs

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Monday, July 16, 2012, 5:09 PM Shares of ChinaCast Education (CAST) are getting hit after saying its former VP Shi Shicheng has been detained by police since mid-June on suspected involvement in loan fraud and misappropriation of school funds during the period from 2009 and 2012. The company has obtained bank statements indicating there may have been a series of cash transfers between Mr. Shi Shicheng’s son, Shi Qinyan, and the company that were not authorized by the company’s board of directors. Shares -7.8% AH. Comment! [Global & FX, On the Move]
Tuesday, March 27, 2012, 6:27 PM ChincaCast Education (CAST) +3% AH after announcing CFO Antonio Sena has stepped down, and board member Doug Woodrum will be serving as interim CFO. ChinaCast, which has been dogged by fraud allegations and internal strife, also says it's initiating a search for a permanent CEO and CFO. Comment! [Consumer, On the Move]
Thursday, January 12, 2012, 5:45 PM The case of ChinaCast Education (CAST) took another bizarre turn this week: After the company held its annual meeting in Beijing, one board member sued, saying his representative was locked out. The Deal Professor addresses the wider lesson: Investing in foreign-based companies can be risky - the rule of law is weaker, and the cultural differences are unpredictable. Comment! [Global & FX]
Thursday, January 5, 2012, 11:35 AM Much-maligned ChinaCast Education (CAST -2.4%) (previous) says it will be filing an 8-K with the SEC to restate financial results in 2010 in order to reverse a write-off of certain prepayments. Comment! [On the Move, Global & FX]
Wednesday, November 30, 2011, 11:55 AM ChinaCast Education (CAST +3.1%) announces it will delay its annual meeting of stockholders scheduled for Friday to Dec. 16. Shares of CAST have recovered some ground lost after the publication of a critical analysis of the post-secondary and online education firm's SEC financial statements, but remain down for the week. 3 Comments [Global & FX, On the Move]
Tuesday, November 29, 2011, 9:38 AM Shares of ChinaCast Education (CAST) fall 5.5% in early trading after the company is the target of detailed fraud allegations from Kerrisdale Capital (.pdf). Comment! [On the Move, Global & FX]
Wednesday, November 16, 2011, 1:39 PM Xueda Education (XUE), a Chinese provider of tutoring services, is up 7.9% after reporting Q3 revenue of $51.5M (+32% Y/Y) and EPS of -$0.07; the former beat by $0.6M, while the latter was in-line. Xueda, whose shares were down 74% YTD going into its report, expects Q4 revenue of $41M-$44M, compared with a $43.6M consensus. Possibly rising in sympathy: CAST +3.4%. EDU +2.5%. Comment! [Earnings, On the Move]
Tuesday, November 15, 2011, 8:44 AM ChinaCast Education (CAST) forms a special committee of independent directors to consider strategic alternatives after an institutional investor made an unsolicited bid for the online education provider at a "significant premium" to the stock price. The company does not disclose the name of the bidder or any other details about the offer. CAST +17.3% premarket. Comment! [Tech, M&A, On the Move]
Monday, October 10, 2011, 11:02 AM Shares of Chinacast Education (CAST) gain 12.4% after the provider of online education services in China issues an update on its core business and reiterates previously issued FY11 guidance. "Average tuition rates are expected to increase by approximately 5% year-over-year." Comment! [On the Move, Tech]
Monday, October 3, 2011, 2:31 PM Chinacast Education (CAST -21.4%), a provider of college courses and online learning services, tumbles after its CEO issues a letter (.pdf) claiming Chinacast's decision to expand its board was motivated by "certain recent issues and conduct," and that its Audit Committee will be conducting an independent review of Chinacast's cash balances. Comment! [Tech, On the Move]

CAST ChinaCast Education Corporation

CAST

ChinaCast Education Corporation