LPH in its SEC filing still "believes the allegations contain numerous errors of facts, misleading speculations and malicious interpretations of events. Nevertheless, in order to provide the highest level of transparency to its shareholders, the Company and its legal counsel in the U.S and the PRC, as well as its auditor are reviewing the allegations and management is cooperating with the review process. The Company intends to take further action to defend itself".
And Toups signs the document.
I see this as POSITIVE.
StocKgenius- look who's left on the board! Cai, Toups and that other supposed founder the chick. The fact the board after two weeks hasn't responded to Coles recommendations also sends a clear message. They're stalling the inevitable. I hope I'm wrong but don't think so!
It is not positive that an independent director resigned because LPH refused to allow an independent audit.
It is not positive that the company failed to mention the allegations made by CCTV.
It is not positive that the company interprets "the highest level of transparency to shareholders" as two ten minute videos taken at night, and director resignations as the only meaningful news flow in over three weeks.
It is not positive that a CFO with serious questions about his ability to do the job properly has signed this document.
I agree....but this is the only fact im holding on to......I invested in this stock based on three sources...IBD ....a hedge fund manager....and my own research......Im still shell shocked...If this does go down alot of some very smart people will look very stupid....