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  • therealfacts123 therealfacts123 Jan 18, 2013 1:51 PM Flag

    When this goes back to the court

    -- without resolution, what could be more simple???
    This is what a judge would be faced with:


    1. An anonymous blogger (maybe others in co-hoots?) has heavily shorted ABAT stock.

    2. The blogger using Seeking Alpha (against their policy) anonymously accuses ABAT of fraud etc.

    3. This picked up by news services and distributed.

    4. Law firms (seeing an opportunity to make money) solicit shareholders for a class action law suit - based hearsay of an anonymous blogger!!!

    5. Shareholders panic and sell based on #2 above.

    6. ABAT refutes the blogger (point by point) and the stock begins to recover.

    7. NASDAQ gets in act and asks confirmation (of the bloggers claim that there is no cash in the bank) by having someone from outside the company to visit the bank and count the cash!!

    8. When ABAT refuses (on the basis that its not required of US cos) NASDAQ suspends trading.

    9. All of this has disrupted financial gathering at ABAT and has the potential to delay reporting.

    10. ABAT agrees to allow verification at the local bank.

    11 Now ABAT has to file a 'delay in reporting' to the SEC. ( two weeks delay).

    12. NASDAQ pounces on this and with a threat of delisting.

    13 Stress causes CFO to quit (more ammunition for NASDAQ?)

    14 NASDAQ issues a delisting notice for non-reporting (or was that for not cow towing on bank verification.

    15 NASDAQ announces that ABAT will resume trading and on the SAME morning say 'no they will not'!!!!

    16 ABAT goes to OTC trading and drops sharply.

    17. Class action law suit begins and chief among the complaint is 'The bloggers claim, that ABAT has no money in the bank and the stock is worth nothing'!!! (So one would have to ask, 'why is this in the courts'??) remember, the SEC, so far has accused ABAT of NOTHING!!!

    18. There is NO ruling, so far, on whether it should be a class action or not.
    Now, if you were the judge how would handle this case???

    I know what I would do!!!

    Sentiment: Strong Buy

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    • אנחנו רוצים להצליח ושאנחנו רוצים שלמות

    • "...(maybe others in co-hoots?) has heavily shorted ABAT stock."

      (F)(u)? Rodman and Renshaw? (F)(u)'s kid? Just a conspiracy theory.

    • Case is clogging up the court and wasting taxpayer monies, as well as a judge's time; it sounds as if it should simply be dismissed.

      At most, the judge should or should not ask for a Private confirmation of bank balance from ABAT's bank or financial institution. Accountants are routinely asking for confirmation of cash account balances so it is a pretty standard worldwide business procedure. It also does NOT sound as if it needs to be NASDAQ verified, but only by ABAT's independent certified auditor.

      The facts of the plaintiff's case appear weak at best, fraudulent at worst, and very possibly tainted by an anti-Chinese bias. Perhaps the NASDAQ should start an inquiry into who or what organizations profited from shorting its various listed Chinese stocks.

      Sentiment: Buy

      • 1 Reply to kc79acres
      • The investigation of who benefited and why, should be up to the SEC. In addition, NASDAQ seems to be tainted by what transpired - believing an anonymous blogger!!!.
        For instance ABAT are allowed 40 days after end of qtr to file with the SEC - this would take them to approx Nov 10 2011. They filed for an extension with the SEC -- yet NASDAQ was determined to delist straight away!!! The previous two year filings were Nov 15 2010 and Nov 12 2011.
        SEC did not threaten or request to delist or any other complaints they even had an extension request before them!!!!

        Sentiment: Strong Buy

    • If I were the judge, I would ask ABAT why they wouldn't provide proof of their financials, as it seems doing this simple task would have avoided all of this.

      btw, your #13 is a joke, as ALL honest, corporate CFO's experience similar stress ... unless they are trying to play some kind of 'shell game'.

      • 1 Reply to andrewj5267
      • Dear Sirs,

        Please call Mr. Wayne Lee. Please ask him to explain why Nasdaq said --ABAT deliberately refused--- and why ABAT's letter said that they had permissions.
        Just google ReleaseID=626113

        After we obtained written refusals from each of our banks, NASDAQ agreed to have the process carried out at our local bank branches. Unfortunately, on the same day that NASDAQ made this concession, our Chief Financial Officer, who had headed our accounting and finance operations since we formed the company in 2002, resigned. .

        This does seem to Mr. W that process no go the right way. ABAT still should carry out process at local banks for shareholders. Even Wang must say, fishiness exists here. fish no smell good.

        If Armstrong invests in ABAT, he and zhigou need go for bike ride.

        i feel abat successful in future. i no sell my shares at 28 cents. but mr. w. believe in importance of telling truth,

        whole truth, nothing but truth. it american way. . .

        if money stolen. please mr. zhigou please return money and do right thing.
        if you spend money already, you get money then from someone else to pay back innocent shareholders. the chinese governemnt very rich. if you made big lie, they should pay back innocent americans who trusted you and auditors. if money no stolen, please show investors, the results.

        thank you mr. armstrong too for setting example. may truth set you free. god bless you!!!

        if mr zhigou lied on purpose, time to go on to next phase.
        if mr. zhigou no lie on purpose but framed by others, very sad situation. must tell whole story and ask mercy

        from court and from shareholders.

        ABAT future still good. But American no rest until justice cometh.

        Wang PRC

0.0410.000(0.00%)Dec 30 3:47 PMEST