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FAB Universal Corp. Common Stoc Message Board

  • joebigbuck joebigbuck Mar 4, 2014 3:57 PM Flag

    10K Audit......

    NetQ is going through something similar as FAB, only they have continued trading through the entire experience (which FAB would have done if it wasn't for the bond). It's interesting to note that Carson Block (the man behind the short interest in NetQ) initial comment was NetQ would never pass another audit (since he exposed them for the fraud they are). Recently he changed his opinion (hedging it) that NetQ may file, but only because Auditors are "not responsible" if they base their audit on forged documents (implying the 10K may get filed because NetQ is handing fake documents over to their auditors who bear no responsibility for their legitimacy).
    But none of this is true, it's just a hedge because he knows if NetQ does report solid growth in the 4th quarter along with a signed 10K audit he's going to lose a large sum money. He's just trying to minimize the damage that will follow IF NetQ does file.
    Auditors are in fact REQUIRED TO USE PROFESSIONAL judgement when assessing documents...not just accept them blindly like Carson Implies
    I post this because when FAB does file it's 10K shorts will show up rapidly proclaiming that it means nothing, as FAB simply gave the non-responsible auditors fake documents.
    The reality is it will have meaning, especially in light of all the questions that have been raised by the shorts here. You can bet the auditors will be especially skeptical of FAB's documents.....meaning if they do sign off on them it WILL HAVE MEANING.
    Simple as that.

    Sentiment: Hold

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    • Joe,

      Good point about the coming FAB 10k and the likely negative spin the shorts will put on it. Block, like Carnes, is way past his glory days. Both have become wolves in sheep' 'clothes on Wall Street.

      In consultation with FAB, the stock was halted back in November 2013 to give FAB time to address the defamatory articles of Carnes (Alfred Little) and Geoinvesting.

      Today Carnes himself is the accused fraud. Read what he did to Silvercorp. Search Jon Carnes and BCSC hearing and Silvercorp to pull up the BCSC allegations.

      It sounds to me as if Carnes' own team has ratted him out. Carnes' BCSC hearing is 11/16/14.

      FAB Guy

      • 1 Reply to benjaminterrywilliams
      • With today's news I think it's a given FAB will file their 10K in a timely manner. They just hired a VERY respected law firm while the lead short seller now has a court case pending for his own fraudulent practices.
        Bottom line is whatever fear the shorts generated to drive the share price from 10 to 3 is rapidly disappearing.
        The only questions left are what will the Q4 numbers look like and when will this resume trading.
        Personally, I have no problem with it trading once the 10K is released. The fact FAB hired a firm which such a strong reputation (going to cost a buddle...but it will be worth it) speaks volumes as to how the investigation will turn out.
        In fact, I would be upset as our local short if FAB did not start trading once the 10K is released. Everything will be well in the FAB world very soon. Earnings will be good, the 10K will be out, the investigation will continue and lead short seller is fighting to stay out of jail. Yup, I say let it trade.

        Sentiment: Hold

 
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