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FAB Universal Corp. Common Stoc Message Board

  • lbcb321 lbcb321 Jul 1, 2014 10:22 AM Flag

    The bigger picture...

    Why did Alibaba choose the NYSE instead of NASDAQ to list with? Because the NYSE has systematically thrown US shareholders under the bus to appease Chinese companies. FAB should have been delisted the moment they confirmed the bond and stated their internal controls were not effective. The NYSE is helping them play the stall game. How can shares be halted for over 7 months? Because the NYSE is complicit in making sure the true market value is not reached to limit damages in the civil suits.

    The NYSE has shown over and over they are willing to look the other way at outrageous behavior and it has (literally) paid off for them. NASDAQ took notice and they have to throw shareholders under the bus, also, in order to attract Chinese IPOs. Our whole system is so corrupt it is amazing.

    We can argue the merits of delisting all we want, but the fact is that it will have nothing to do with the merits. The merits obviously indicate FAB is not in compliance with required corporate guidance regulations regarding internal controls and they have not successfully defended against serious allegations even though they have had over 7 months to do so. This is all political. FAB paid their $20K bribe (oral hearing fee) and the NYSE decision will be political as they continue to (successfully) court Chinese IPOs.

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    • "The merits obviously indicate FAB is not in compliance with required corporate guidance regulations regarding internal controls and they have not successfully defended against serious allegations even though they have had over 7 months to do so."

      Stop acting like FAB is the only company on any exchange that has had to restate earnings. The exchanges are full of companies that restate earnings for one reason or another. GAAP is not a science, it's more of an art in my book. Everyone's got an opinion. So what would be the alternative? The death penalty for any company that makes a mistake? Be reasonable. There has to be some format/system for companies to admit and correct mistakes without such dire consequences. FAB is following the rules, even the unwritten one that states any Chinese company accused of fraud has to spend a million dollars defending itself (major forensic audits), the best they can. In the meantime you have to give them an incredible amount of credit for being able to stay focused on their main task (running the business and making money).
      Pretty incredible numbers posted for Q4, can't wait to see Q1 and Q2.

      Sentiment: Hold

      • 1 Reply to joebigbuck
      • =GAAP is not a science, it's more of an art in my book.

        LMFAO! So hiding a $16M illegal bond offering was "inartful"? There is absolutely nothing that justifies that. You are amazing that you will take issues like an interpretation of some archaic accounting procedure and lump it together with the blatant illegal act of hiding a bond offering. These are the types of comments that are the reason you have no credibility.

 
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