Forget about muddy waters and just look at ONP's representations on their website and their SEC filings. Just a small example: ONP claims in their last 10Q that the new digital photo production line supposedly sold 22,000 tons by March 30, 2010. They originally stated in an SEC filing that the line only had a total capacity of 2500 tons per year. In another SEC filing, they said they had just started trial production on the line on March 10, 2010 and had received several orders from customers by march 18, 2010. doesn't match their sudden report that they they produced and sold 22 tons by march 30, 2010. Another example: they supposedly have great R&D - 37 professionals - yet they report in response to an SEC inquiry that they spent less than $53,000 total for 2008 and 2009 combined for these "top" R&D professionals. You only need to rely on ONP - their website and their SEC filings - to see many inconsistencies and problems. You don't need to rely on anyone else, not me, Muddy Waters, Eric Jackson, Steve Pearson, or anyone other person.