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FAB Universal Corp. Common Stoc Message Board

  • lbcb321 lbcb321 Jul 3, 2014 9:16 AM Flag

    NQ pulling a FAB

    PwC communicated to the Company that it would need to perform additional procedures and expand the scope of its 2013 audit work. The Company's Board and Audit Committee are considering PwC's request. The Company will provide a further update when available."

    NQ quit cooperating with their auditor so they are shopping for a new one they can pay an exorbitant amount of money to in order to get them to look the other way. Just like FAB did. Watch for PwC to resign soon.

    Of course this was stated in conjunction with the head of the NQ audit committee stepping down "for personal reasons". LMAO! Isn't it amazing all these Chinese frauds have auditors and BOD members resigning, but it is NEVER due to any disagreements? Our system is so corrupt it is ridiculous. They don't even try to give the appearance things are on the up and up anymore. Keep issuing outrageous PRs and the SEC will never call you out on it. Guess I can't say NEVER... the SEC did actually call out FAB recently. Read the letters from the SEC to FAB on the SEC Edgar database designated "UPLOAD". FAB had to confirm their BOD isn't even running the company anymore and didn't give approval to changing auditors.

    NQ stalled a long time and fought the good fight. In the end... they just couldn't fake it anymore. New 52 week low today and delisting letter should be on the way now that they have announced they quit cooperating with their auditor and their 20F has no chance of coming soon.

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    • SEC told big 4 to stop issuing audit opinions of these 'US based' Chinese companies. I'm surprised PWC is even messing with this client.

    • "NQ quit cooperating with their auditor so they are shopping for a new one they can pay an exorbitant amount of money to in order to get them to look the other way."

      Why do you lie so often? It's not like no one notices.

      I'm clearly not happy with NQ's action today, but I've read no where that they're considering switching auditors.

      NQ is very speculative play, as I posted when I bought a very small amount of (for me...1K) shares the other day. If it hits, it will pay a 3 figure return (and rapidly) but the downside is the entire investment is at risk (and rapidly). I would encourage no one that does not understand the risks to put a penny there.

      NQ is a puzzle at the moment, at least for me. It has clear signs of being a fraud, but there is just as much if not more information indicating it's legit (which is why I took the leap).

      As for you posting lies.....is making a few bucks really that important to you?

      • 1 Reply to joebigbuck
      • =but I've read no where that they're considering switching auditors.

        "The Company's Board and Audit Committee are considering PwC's request."

        Come on, Joe... your comprehension skills are poor, but they can't be that bad. Anybody with half a brain reads this and knows their options are to comply with the PwC request or shop auditors and find one that will look the other way like FAB did. Are you saying that if NQ refuses the PwC request that they will just quietly get delisted and have their SEC registration revoked? Of course not. If they were going to comply with the requests, they would have done so by now. The audit chair resigned over the situation. No wait... it was a resignation for "personal reasons" unrelated to any issues with the company. LMFAO! How STUPID do they think people are? Well... YOU bought it. Guess now that a majority of people have been dumbed-down, the crooks and manipulators rule.

        =As for you posting lies.....is making a few bucks really that important to you?

        Come on, Joe. How many times have you been called out to post a single quote of mine you think is a lie and provide the supporting documentation proving it. You have NEVER ONCE done this.

        Are you still playing games calling clear OPINIONS lies? You can't LIE about your opinion, Joe. Your juvenile games just show how desperate you are getting. They shopped auditors and got one that would look the other way and let them file a 10-K with all of the pertinent information removed. They have not successfully defended against a single allegation in over 7 months. You can't see a problem with that?

        Unbelievable.

        I don't care if it trades on NYSE, OTC Pink or Grey Market. It is going down. They stopped trading while they still "vehemently denied" ALL allegations including the bond offering. This is proven and they haven't defended against anything else. This still has much lower to go before it reaches a new base of the truly delusional remaining.

    • LBCB

      Your title is a lie. Well, a nonsensical, calculated tactic. Yes, a set back for NQ* but not directly reflecting on FAB in a factual way, except in your hopes and fears..

      • 1 Reply to truthwantsout
      • =Your title is a lie.

        LOL... you still don't seem to be able to grasp the definition of a lie. The only difference is FAB didn't tell you when they quit cooperating with their auditor and began shopping for a new one that didn't have any reputation to protect and would take a boatload of cash and look the other way.

        Oh, there is another difference. NQ is utilizing proper corporate governance and they announced the audit committee and BOD would be making the decisions. We don't even know who appointed themselves dictator at FAB and replaced auditors without audit committee and/or full BOD approval. With FAB... the Chinese are off doing their thing... the Pittsburgh office is doing it's thing and Spencer appears to be arbitrarily doing his thing in Florida. This is obviously a not ready for prime time outfit and they don't even appear to understand the basics of corporate governance and controls.

 
FU
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