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  • socalinvestor50 socalinvestor50 Jun 30, 2011 11:18 AM Flag

    Hey Fernando - speak with auditors

    Instead of organizing a trip to china i would just love to sit down in a room for an hour with the two lead auditors from each accountant (MB & ?)assigned to NIV and ask where the problem lies with the company. Not sure if thats breaking some type of ethical or professional code of conduct but who gives a cr.p its my money. BTW i would by happy to pay someone for that service.

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    • Has anybody tried to contact any of the board members?

      • 1 Reply to cubemeister2001
      • I think the same analysis would apply to the board as it would to the auditor, attorneys, consultants, etc., in that all of them will be bound by confidentiality to the company, and as such couldn't share anything with any of us.

        I am by no means an expert in securities law, but generally any publically traded company is restricted against sharing non-public information with a selected class. Basically if it is information worth knowing, it has to be released in a filing.

        By biggest worry is that any negative news will send the stock down to near zero. But at this point, I think there are really only two options: One sell your shares and take a significant haircut on your initial investment. Two, be patient and hope that the fraud, if any, is fairly insignificant as compared to the ability of the company to generate revenue.

    • I have to concur with GT.

      Malone Bailey is not going to say a word to any shareholder.

      To the extent there were to be a shareholder lawsuit, Malone Bailey would be sued as well, and they know it.

      BDO is not in the same position, but it is a very large institution - you would never be able to get anyone willing to sit down and talk candidly with you.

    • Never going to happen. You would need NIV to waive confidentiality with the auditor. Even then, the auditor probably wouldn't want to open the door to meeting with individual shareholders.