Anyone catch this? update on seeking alpha article
This is now at the bottom of the article.:
Update: On July 31st I received a message from Shearman & Sterling LLP asking that I correct certain aspects of this article which they deemed "false and unfair." They believed that my article falsely accused Mr. Zhang, the CFO of being accused of fraud at previous positions. While I believe that my writing made it clear that Mr. Zhang was only employed by companies that were then later accused of fraud, I have deleted that part of the article. Their letter goes on to say that what I wrote regarding contacting the CFO was untrue, and that I did not contact him. What I know happened was that I called the number provided on the CXDC website for the CFO, I asked if I was speaking to the CFO and the person on the other end of the line said he was the CFO. Whether that was a misunderstanding on the other end of the line I am not sure. I have redacted this part of the article as well.
Bleecker is trying to cover their butt, but they must certainly know that the damage has already been done. Shearman & Sterling are not known as being pitbulls for nothing. This kind of hit and run short attack has to stop, and someone is going to become the next poster child for this abuse.
CXDC should not be wasting shareholder money on hiring lawyers. CXDC's Board should take advantage of the baseless lawsuits & drop in China XD Plastics' share price to repurchase shares. By repurchasing shares, China XD Plastics will be able to capitalize on the depressed share price; while rewarding long-term shareholders. The share price should rise significantly higher than what it was before the nonsense article came out. And then what could the lawyers argue? There's no damages if the share price is higher after the article than before the article came out.