Prior to investing in your company, I researched all the fundamentals and was quite impressed. Your profit margin, growth rate, P/E ratio, etc. are all quite impressive. I truly believe that your company has the right product at the right time and at the right place. You are in the perfect position for future growth due to your government appointed consolidator status.
Yet, with all of this insight that you have shown, for some reason you have directed your company to retain Kabani & Co. as your accounting firm. I believe they are a qualified accounting firm with a bad reputation. Just being associated with a questionable accounting firm deteriorates investor confidence in your company.
You are the person that is ultimately responsible for LLEN's success or failure. In the past two days, your investors have lost quite a bit of their investment due to your decision. According to my calculations, you have lost almost ten million dollars.
I realize that this will be a short term drop and feel that the price will rebound in the near future. Therfore I am holding my current investment.
Mr. Lee, Find an accounting firm with a good reputation and your company will soar.
There was an article in Barrons 2-3 weeks ago about a deluge of Chinese companies that choose a reverse merger with a so called "stub" - a non-operating American public company. They usually go down pretty soon after initial promotion and hype. The reason I say this is although LLEN wasn't mentioned and neither was Kabani&Co, the article points to the using of some obscure acounting firms by promoters to make this process easy. So this choice of suspicious accountant could be a red flag. I own a small amt of stock and I'm worried.
P.S. Madoff also used a small obscure firm as his accountant.
Mr Lee has to keep this accting firm. No other accting firm will lie to SEC and risk their name. By the way, Where are all those people that were jumping up and dn to buy at 12,11,10,9 and lower. Have a great day everyone.
As if Lee doesn't know exactly why his stock has cratered..The fact that he hasn't changed accounting firms makes the stock suspect..All my posts have been positive thus far..For the past 2 days I am Not buying until some uptrend or major announcement is forthcoming.
Remember what Bernard Baruch said " You take the first 20%, and you take the last 20%, I'll take the 60% in between"
Those of you looking to catch the falling knife at precisely the right moment are way out on a limb. Something stinks here and Lee knows it ..You all don't .
I have posted this before but in light of todays horrible short term trading, it bears re-posting. Internal accounting and reporting controls are not documented and or ineffective. Thus Kabani and any other auditor would disclaim under Sarbanex Oxley Section 404. For 4-30-10 that is exactly what Kabani did.
So now what? Put in the controls as cost effectively and quickly as possible. Write them up, test them, and re-test them. Then retain the services of a Big 4 firm to come in and review and report. THAT IS THE PROCESS.....
Mr. Lee openly articulated this course of action at the AGM. If they were to ask for that now they would fail. They acknowledge they do not have the controls inplemented and or documented at this time.
A $25 stock is still a $25 stock.....Just be patient.
yes, i think like you do, was his millions in losses worth keeping the old auditors. but others here have stated that swapping to another firm would delay things w the company for 4 months. we dont win either way, because when hedge funds get together and ATTACK a stock to hit the sell stops at 7.95 and scare investors out. the real problem is w the SEC and washington not having a system that can find and punish illegal stock practices that they do w there bigger cash portfolios