I wonder who started this against the parties. It seems like another short attack by some ill advised investors. Obviously, the truth is coming out and has already slowly began to come out. So this just seems like another scare tactic with no merit.
AND ROSEN reminded investors on August 20 and now again on
September 25 THAT THEY HAVE NOT YET CERTIFIED THEIR
COMPLAINT AND THAT TIME IS RUNNING OUT!
THIS IS THE THIRD TIME ROSEN HAVE TRIED THIS SCARE TACTIC!
Kid went skinny dipping all afternoon in the Block family pool!
June 4, 1999 an 11 year old first year law student - don't know where?
An' tonight got into his Daddy's liq'r cabinet!
I believe I posted a long time ago that a class action suit was inevitable. Orient Paper's SEC filings are a mess. They can't possible be true as they are internally consistent, and inconsistent with Orient Paper's press releases and website(s). I have detailed these in my instablogs on seekingalpha.com.
Obviously by you making that statement along with everything else you have mentioned, you are very misleading and a pure liar. Yes, a lawsuit is not a surprise, but if you have read the complaint, it exactly states what Muddy Waters stated in their reports and nothing to do with their SEC filings being inconsistent. So it is being done as a scare tactic, hope that MW is correct, or just lawyers chasing money. You have provided zero evidence of fraud and MWs allegation are 100% incorrect from the beginning by stating the wrong operating subsidiary and their SAIC filing for 2009 match the SEC filing. On top of everything, your "leaders" completely took everything in regards to ONP off of their website as nothing ever happened. their report was a joke and they finally showed everyone that it really was.
This lawsuit has absolutely no merit! It's just a matter of lawyers phishing for suckers and it looks like they found one. I've was invited to be lead plaintiff back in the Tech Bubble days when two stocks I owned tanked in one session. I was absolutely bombarded with offers to litigate on my behalf from the same six or eight firms on both stocks.
Anybody with the sense to come in out of the rain can see that the actual lawsuit should be against the principles of Muddy Waters, WAB, John Bird AKA ChineseCompanyAnalyst and Waldo_Mushman, anybody else who participated willingly and knowingly in the fraudulent short attack.
I just pretty much read through the whole thing from top to bottom and just alleges exactly what MW stated. Which we all no that there is no evidence and just heresay that MW carried. They try to go after many different parties including Roth. What a joke. It doesnt really state any new claims. Hopefully ONP puts this to rest soon because unfortunately investors overreact with out getting the correct info and following shorts.
Who is Mark Henning? Here is the full complaint
side note: Jamz I sent it to you. It is the very beginning, but you can probably see where I will end up going with it.
Here is Mark Henning
Obviously it is not really the one who is in the complaint, but the point is that this guy in the complaint is just some random person and is just some random investor that the law firm somehow got to post a lawsuit on behalf of all investors, which is funny in it of itself
How can any law firm use MW allegation as evidence in a lawsuit especially they shorted the stock before they issue the report and they asked for money from ONP during their visit. Did Mark Henning ever buy any onp stock during the period?
No. Disregard this. This always happens when a stock loses value in a short time period. The law firm looks to collect interested parties for the class action. Total non issue. Believe me.
I agree with Jamz. This firm was one of the first (or maybe the first?) to file class action against NEP. There are literally dozens of law firms that specialize in chasing this type case. If ONP's independent report from Deloitte is positive, these guys will go away into the sunset. If they ever get a judgment against ONP or Roth Capital Partners, the stockholders will see a pittance. The law firm will rake in the biggest payout. Unfortunately, it's a common occurence in the litigious society in the USA.