Why should a 20-F filing be a surprise to anyone? Marcum Bernstein & Pinchuck LLP appears to be quite a "cure all" for Chinese 20-F woes and if history repeats, MBP likely doles out NQ's 20-F by November 15.
a) "Shijiazhuang, Hebei Province, China - September 26, 2011 - AutoChina International Limited ("AutoChina" or the "Company") (NASDAQ: AUTC), China's largest commercial vehicle sales, servicing, leasing, and support network, today announced that it has made available on its investor website a letter to shareholders from its Chairman and CEO, Mr. Yong Hui Li. This letter provides additional background on the Company's efforts to file its Annual Report on Form 20-F for the year ended December 31, 2010 ("2010 Form 20-F"). AutoChina today also announced that its Board of Directors, in consultation with and upon the recommendation of its Audit Committee, has appointed Marcum Bernstein & Pinchuk LLP ("MarcumBP") as the Company's new independent registered public accounting firm, and has dismissed PricewaterhouseCoopers Zhong Tian CPAs Limited Company ("PwC")."
And as sure as night turns to day, MBP signed off on AUTC's 20-F - but sadly, the NASDAQ exchange eventually delists AUTC.
b) On April 30, 2013, Ambow Education hires MBP as its new auditor after PwC resigns. Same story as a). Stock now pennies per share.
c) Same happened to YUII - CVWB LLP resigned, MBP hired, last trade 1 cent (delisted) and SDTH - KPMG resigned, MBP hired, last trade 4 cents (delisted).
These are just a few examples. Quite telling, eh?? So based on MBP's midas touch, I very much doubt smart money will "buy" into a 20-F filing. In my opinion, NQ's 20-F filing will garner no different a reaction to Bison's FLMobile $425 million manufactured valuation or $9.80 buyout "offer". How many investors unwittingly fell for those two pumps (followed by dumps)?
Disclosure: This blog post represents my own opinion and information was gathered from publicly available material. This blog post is not a recommendation to buy or sell any security, and as always, investors must perform their own due diligence. I may be holding positions in equity or options, both long or short in securities of the company or companies mentioned herein.