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November 29, 2010
Edited: December 1, 2010
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"In January of 2010, our company was visited by representatives of a research firm known as W.A.B. Capital, which is owned by Mr. Bill Block. The two representatives of W.A.B. Capital, Mr. Carson Block, who is Mr. Bill Block's son, and Mr. Sean Regan, toured our plant for less than an hour and then offered to publish a positive research report in exchange for a large sum of money and equity compensation. We refused their offer. The next we heard from these gentlemen was on June 28, 2010, when they published a 30 page report under the name of a new firm named Muddy Waters, LLC, alleging that our company was a fraud and that management had misappropriated investors' money...We said at that time that this report was categorically false and provided extensive documentation to prove this. However, Muddy Waters and their confederates ignored the evidence and continued to publish false and misleading information regarding our company in a reckless manner that appears to have been designed to enrich themselves and other unknown parties while disrupting the orderly trading in our stock," Mr. Liu continued.
For number of years companies like Moody and Fitch held banking system as hostage by trading false A plus grades for fees - Now this
FEC should get serious for a change.....................
