So lets see whichever will occur first. Delisting or another 8% drop? At this point I don't think it makes any difference because I predicted 3 months ago that your dear FUQI CEO was planning to file for bankruptcy and take this into a private sector. This greedy snake has been planning this since the second offering when he cleaned out millions from naive investors. Any person with half a brain can see how the CEO has basically let go of this company since the March announcement and has been totally lying with his deceiving announcements. This company is such a scam that as of right now it's basically trading under it's so called book value. Please tell me how could that be possible if this whole company and it's numbers were not all cooked up. How can any CEO who truly values his company and his reputation allow this to happen unless he has sold them both out to greed? He is not that different from most American financial criminals except that I think he gets a more kick out of doing this since he has taken mostly the American investors money which makes him feel safer with the Chinese authorities. This company was based from a bankruptcy transaction and it will end up as a delisted bankrupt company. I will give you a link which you can read and learn a little more about FUQI's past and the so called 40% ownership of your beloved CEO. If you can't understand what it means I guess that's why you are in this mess because if you had done your due diligence, you would not be in such mess. What's so funny is that still some people post about after hours and shorts getting burned. LOLLLLLLLLLLLLLL.....I wonder if the FUQI staff has been advised to either post some positive BS or they will have no job in the future new private company. Ahh poor Charlene..so many reponsibilities..so many lies
gelosis: I agree with you 100%. The scam seems so deep.
In China, most of the millionaries/businessmen are part of the communist party. If you are not a member of the ruling party, you are NO ONE. The most corrupt country on earth.
If anyone don't follow the communist party dictum they are put to jail/to death. Despite the GDP/economic growth Chinese brutality, human rights violations are growing exponentially. It is sad but it is happening in a massive scale.
The CEO definitely is a member of the ruling elite, nothing one could do about it.
There are so many US companies or companies from Europe/Korea/Brazil/Mexico/India to invest, why bother investing your hard earned money on a corrupt nation.
If we don't profit it is OK, atleast you won't loose your money.
I thought this is a value play but looks like a unchartered minefield.
Well well well...I think this calls for the good old saying "I told you so". At this point I'm 99% convinced that the loudest pumpers like this youarenotajedi aka a_proncon aka guesshowmanyaliasnamesIhave are actually amongst the slickest shorts who have profited by netting or convincing a number of new inexperienced greedy investors to buy into this dying scam operation. Let me make this so simple that even your great grandmother will understand this: If anyone makes statements like "let the smoke clear", "this is way oversold", "wait until the restatements are released", "the CEO hold 42%", bla bla bla....do yourself a favor and put them on ignore because I bet you they have zero long position and are shorting the life out of this vegetable POS. Ask those freaks at what point does one consider a company to be a scam? Is it only after they have been found guilty and delisted? Or is it after they have over exaggerated their earnings for the past two years and have missed two deadlines and have dropped by more than 90% and are being probed by SEC and have only two weeks before awarded the pink sheet? SEC is a little too late to this scam because Mr.CEO is already looking for a new logo for his private company. Stop crying over your loss because your were too greedy or had too much pride to admit to your mistake. You instead chose to follow these scandalous pumpers and shockingly still do.
it is hardly a "proof" of logical since we are talking about a guess here, but i did post a thread the other day to give some warm feeling to the longs -
i am on the sideline for now. Too much risk and too many times the company has failed at meeting previous deadlines. No one of any significant size is going to buy until this perpetual delay is cleared up which only means lower unless there is a short covering rally. I'll leave the bottom 10% on the table to avoid another 30% drop.
Not saying it is impossible, but I really have questions if it is really a fraud...
Where is the CEO gonna go after this? only 2 possibilities - jail or free with the fortune, if he goes to jail then he probably will be killed in jail or end up give all his fortune to the government officials, if he gets away, i am pretty much sure mafia will definitely find him to share it legally.
There will be hundreds of companies follow FUQI's foot step, it is easy money and it will be out of control, not likely it can happen, it is not good for the government, not good for the company, not good for the investment, and certainly not healthy for the CEO himself.
I am with you at least on one point - I don't think they will post the correction on time, thy will delay it and it will only be published the next spring, in the mean time, they will file appeal to ask another grant period.
if not fraud, why did FUQI not hire a small army of accountants (they certainly have the cash) to fix the problem and recreate the records for 2009. You would think at a minimum, after they missed the June 1st deadline they would have rethought their strategy and hired a bunch of accounting consultants who could create the necessary support for cost of sales. Not a difficult concept and a strategy a legit company would deploy in order to keep investor confidence. What is there to say about a company who gives their investors the middle finger and tells them nothing, except they do not know what they are doing and don't know when they will know what they are doing.
any bets that FUQI files with NASDAQ tomorrow that the are STILL unable to figure out how to account for a transaction in which mgt. says they have an abundance of experience. Someone today is unloading a hefty amount of shares at what should be a bargain price....maybe they know something you don't.
I give up. You got me. I mean what do I know besides the fact they had lied about their past year earnings or have missed two deadlines or have repeatedly lied about the upcoming earning due date. I'm sorry for jumping into conclusions. You are probably right. Based on this company's solid reputation, tomorrow is D-Day. People like you truly give me hope and make me see the good in people