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  • xanadualb xanadualb Mar 30, 2011 10:03 AM Flag

    Short interest wow 10 million shares

    No wonder the shorts did this. china stocks are about to rise big because the shanghai has formed a symm triangle and breakout is days away which will lift most china stocks

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    • gop_grandolpolluters08 gop_grandolpolluters08 Mar 30, 2011 10:14 AM Flag

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      I am short Advanced Battery Technologies (ABAT) for the following reasons:

      1. The Chairman appears to have transferred ownership of ABAT’s key subsidiary to himself without explanation or compensation;
      2. ABAT leads investors to think that it makes cutting-edge electric cars, when in fact it produces cheap scooters and bicycles;
      3. ABAT claims unrealistic margins in what it admits is a commodity space;
      4. ABAT claims to have increased revenue from $4.2 million to $97.1 million from 2005 to 2010 while DECREASING its employee count;
      5. ABAT claims distribution relationships which appear to be fake;
      6. ABAT is a serial issuer of equity at low prices;
      7. ABAT spent $20 million to acquire a company linked to the Chairman without disclosing the relationship;
      8. ABAT spent $22 million or 7x sales to acquire a failing and possibly related company;
      9. ABAT issued 11 million shares to the Chairman and other individuals to repay a “loan” which appears to be entirely fabricated;
      10. Despite a parade of auditors and multiple restatements, ABAT still has material weaknesses;
      11. ABAT’s RTO promoter, John Leo, is behind a number of suspicious Chinese reverse mergers, most notably CYXI;
      12. No fundamental institutions are significant shareholders.

      In short, I think that the financial statements and management of ABAT cannot be trusted and therefore the stock is worth zero.

    • Simm Triangle....???? Please explain

0.0410.000(0.00%)Dec 30 3:47 PMEST