Just got off the phone with SEC 1-800-732-0330 they state they have seen this from many Chinese Co. this past year. This is not a SEC halt but a NYSE which I knew because SEC legally can only halt a stock for 10 days. Most likely if it ever trades again it will be on the Pink Sheets. Lets hope sooner than later.
The fact that there have been no resignations at Fab Universal #$%$), along with other environmental factors, suggests strongly that the problem is not on the #$%$ side. I expect #$%$ to be trading on the NYSE, and at a significant spike above its last traded price. I would not want to be short this stock at this point...
That said... you never know I may be wrong... But I think we will know within the month after the independent review and 2013 Q4 earnings report is out. At that point, I expect the NYSE and #$%$ management team to consult with each other and give the green light.
This won't trade anywhere until either the NYSE exchange delists it or lets it open (my guess).
I've spoke with FAB's PR girl a few times, she's always adamant management is doing everything they can to get it trading again. If it's a scam no one on this side of the Pacific knows it.
She was right about the restatements coming out soon so we'll just have to wait to see how the rest of it plays out. If they took the time and money to do the restatements they'll take the time and money to get whatever the NYSE needs to make them happy. In the end this will only benefit shareholders. I say let them take their time, address all the issues, then open it for trading. There is no reason to open it now, the company is still making large sums of money and another quarter will soon be in the books.
Still very ironic Carney is the one who pushed the SEC and NYSE to halt trading. But what he thought was this would get delisted shortly thereafter for lack of SEC filings and he could cover his short scam on the OTC or pink sheets. FAB surprised him with the restatements, making delisting for failure to file out of the question. Now the shorts want this trading again, NYSE or not. Well, my thinking I'm in no hurry.
An interesting side note is it won't even be on the OTC Pink if it doesn't open for trading again before the NYSE delists them. They won't qualify under the Piggyback Rule to be quoted on the OTC Link system. They will only trade on the grey market. You can still do trades, but there isn't a Bid or an Ask from a MM and brokers can only match customer orders.
NYSE has three choices:
1) Resume trading
2) Send delisting letter
3) Get sued for manipulation of a listed security