This is not exciting news or anything but I just spoke with someone for about 10 minutes at the law firm. I asked them if the fact that MW pulled its report had any effect on the complaint, given that the complaint directly cites the MW report.
The person I spoke to said probably not but he would look into it and hadn't realized the report was gone. He also said he can looked at cashed versions of the site to get the report back.
He then spent the rest of the time in what felt like a sales pitch to join the suit. He said I have nothing to lose and all to gain because the fees I would pay them essentially come out of the settlement and I would get what's left over from the settlement after Rosen fees taken out.
The lawyer I spoke to was unaware that Deloitte and Loeb were investigating.
It really seemed like this law firm had no idea of what was going on here, especially in recent events. If they can't get enough people to sign onto the plaintiff side, this will go away.
I don't think you understand class action lawsuits. the Rosen law firm will probably not be the only firm that files a class action lawsuit against ONP for this, there will likely be several more. However, there will likely be only one lead plaintiff and, therefore, one lead law firm. Each law firm usually wants to be that lead law firm. What they are doing is likely for the purpose of trying to be determined the lead law firm, not for the purposes you state.
I would agree that one person COULD represent here, but I don't think that's what Rosen is looking for in this case. They are expressing that they want to sign people up. And I don't think they follow through with the suit if either a) they don't get enough people, or b) Deloitte and Loeb make a strong opinion in ONP's favor.
The a) and b) bullets are my opinion of course.
Indeed. I would agree with this. Upon introducing myself and stating the case I was calling about, I was transferred and apparently spoke to the person who handles the incoming calls for this case. I will say however, this person did make reference to another person I cold speak with to get more information, though I didn't really need it. I was sort of just confirming for myself that they have no plaintiff class yet and are trying to sell you on it when you call in-- this is exactly what happened to me.
I emailed them and pointed out the report is gone. Also pointed out that they may be suing the wrong party. I would be happy to jump on a class action suit against Muddy Waters if their allegations are proven false by Deloitte....7 days till Aug 16. Earnings, Conference call, guidance, insider buying? results of D&T audit? I hope so!
If you bought ONP before June 30, then you can inexpensively (like maybe for $100) file a lawsuit against MW at Samll Claims Court in your state. Just make sure that you can file in in your state as the Plaintiff, and not required to file it in the state of the Defendant.
Jamz way to go keep the pressure on. Nice work on your seeking alpha article.The only thing that has me concerned about ONP actually is the video by WSM he's one of the few people to see for himself the paper company and sold his shares after he posted the video. I know he's just a pumper but if you went all the way over to China and saw a real gem why wouldn't you buy more instead of sell but he could just be flipping and is now long. On the positive side I can't see the ONP board allowing the early release of earnings especially with their lawyers now advising them on what to do.