The letter was written in Mr.Fu's mother tongue and he does not know English. This si the actual letter that he wrote. I apologize for misquoting it. I am in Harbin China and I should have checked the source before I put that in quotes.
I would get somebody whose mother tongue is Chinese to interpret it. Regarding integrity, yes, I think he is past the "coming months" clause in my interpetation. However, the letter is still up on the Chinese side of the website and we are left to interpret the meaning of the Dongguan pictures on the English side which seems to be coming down.
But again, it must be considered, that all this mess (being the crux of the charges) had to be the crux of the MOB's legal pre-certification discovery.... AND HAD IT BEEN DONE AT ALL HERE?????? Had the class action been certified? If it had been -- WHEN? Typically the certification is preceded by an extensive legal discovery. When the discovery is completed, the plaintiffs files a motion to certify, and defendants file a motion to dismiss -- both being based on solid facts established in the discovery. And here? What was/is going on here?? The shorts' hitpiece was just a rubbish. They did not have any solid fact, and still do not have any it seems.
"On November 22, 2011 New York, on November 23, 2011. Advanced battery board of directors president, Fu Zhiguo issued today to an investor's letter, the content is as follows: Investors: From March, 2011, ABAT has received the oversell to plan the consistent attack. In completing sells short establishment of pale warehouse after our stock, they had issued a series of articles, accused the ABAT management to fabricate and twist the information. This caused the ABAT major part shareholder to suffer the serious loss, therefore produced has aimed at us, takes indictment that these fabricated as foundation class action litigation. Unfortunately, NASDAQ supports this behavior, and develops to take these oversell indictment to us as the investigation of foundation. When NASDAQ inquired when concerns these indictment, we have provided the complete, detailed rebutting evidence. Therefore, NASDAQ has not continued to inquire that concerns these oversells' indictment. But in this year Xia Mo when time, somewhat collude the article that appears about small part China Corporation and their banks, NASDAQ decided that because merely we are Chinese Corporation, requests us to submit very strict bank reference letter. Although they do not have any evidence to prove that we have the creating a false impression behavior, but NASDAQ insisted that lets us inform the bank, told them our American regulator not to trust them, how requested them (bank) to allow our auditors to go to “thorough investigation” they to prepare the bank reference letter. Starts, NASDAQ insisted that this procedure should complete in bank's general headquarters. But after each bank written rejection, NASDAQ agreed that completes in each sub-branches of these banks. Unfortunately, makes this concession in NASDAQ the same day, our CFOs, has been our companies was established the financial executive to resign since 2002. This is the oversell, class action litigation as well as regulator give her pressure to cause, causes her to decide should more time flowers on the family member. Her resignation is approved immediately. Because of these attacks, affected my state of health, I have to go to the hospital to seek the help of doctor. Therefore, we are unable to complete the request of NASDAQ. Since 2004 American going on the market, ABAT Corporation and I have complied with the laws and regulations in US. We work by the enormous warm endeavor, to repay investor support to company and loyal. But today, I lost the confidence to the American capital market, I also saw how a small part person discredits our. But I still to our investor commitments. I believe that their loyalty to company should obtain the repayment. Therefore, I have written this letter, pledged to our investors that over the next several months I will adopt me to think the essential measure to repay the loyalty of investor. Fu Zhiguo"
Same as before, "repay the loyalty" - NOT the shareholder.
Sounds like typical pinksheet 'smoke and mirror' announcement. VERY carefully and intentionally worded statement, led to make people believe it could mean something else...and it worked with a lot of posters on this board, thinking Fu will be rewarding shareholders; but Fu didn't say that, he said he would be rewarding loyalty - whatever that means.
To be objective... I have to agree with Joel not to get hung up on the interpretation of a letter written in Chinese. Different translators give different nuances. What is relevant is a sufficient period of time has passed to hire a CFO, regain compliance and move forward in a manner showing a fiduciary responsibility to the shareholders.