Another Research Firm Questions China MediaExpress (CCME) Legitimacy
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Just days after Citron Research blasted China MediaExpress (Nasdaq: CCME) as the next RINO Intl. (Nasdaq: RINO), another firm has issued a negative report on the company that dubs itself as the "largest television advertising operator on inter-city buses and airport express buses in China."
This time the report came from Muddy Waters LLC, the research firm responsible for discovering the fraud going on at RINO.
According to Muddy Waters:
Muddy Waters, LLC believes that CCME is engaging in a massive "pump and dump" scheme whereby it significantly inflates revenue and profits in order to enrich management through earn-outs and stock sales
We estimate that CCME’s actual 2009 revenue was no more than $17 million (versus $95.9 million it reported).
You can read the entire Muddy Waters report here.
This time the report came from Muddy Waters LLC, the research firm responsible for discovering the fraud going on at RINO.
According to Muddy Waters:
You can read the entire Muddy Waters report here.
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