Now now, let's not trash the maple leaf. How can you trash a place where curling is held in such high esteem? Anyway, where else would I go for ski trips? But don't forget that GEO #$%$ came from Pennsylvania. Trade you PA for BC any day of the week.
I love DNDN. I made beaucoup bucks shorting that turd stock. And I have over a 2X gain (so far unrealized) on my long ZGNX position. Life is good. Please provide some more of your picks so we can make money with the anti-drd portfolio.
Who said LLEN will be halted next week? Please keep in mind that as is the privilege to be a public company and have the low-life public #$%$, like me, invest in this company, a public company has to serve many masters. The first master is the governmental regulatory body, the SEC. This means that earning have to be provided to the public and a 10Q filed unless a delay is requested and granted (including the reasons why the delay is needed). That request would be on EDGAR. It isn't.
The second and separate master is the exchange, the nasdaq. It is unfortunate that the Nasdaq has to look like it's doing its job (to gain investor confidence and trust) and use LLEN as an example, when anyone with a tiny fraction of a legal brain can see that the hearsay-laden GEO allegations do not even pass a hearsay red-face test. That's why I'm not worried about the outcome. But the SEC master has to be served irrespective of what the nasdaq is doing. That's why the earnings show must go on.
So play on bashers, you have entertainment value, but nothing else.
I think umbisam has a good idea! And I have just the person for you to hire. No, I'm serious. Really good writer and already living in Vancouver. Currently working at Simon Frazier. You need the writing help. Just graduated from one of the most prestigious US colleges in New England (think little ivy's, such as Williams, Amherst, Wesleyan, Bowdoin, Bates, Colby). Email (@ymail) for contact info and he'll send a resume.
This is not news. Law360 is an online news source that reports new lawsuits filed or verdicts reported in existing lawsuits. It does not provide any analysis but simply monitors lawsuits being filed. And we know that LLEN was hit with multiple lawsuits based on the hearsay #$%$ in the GEO article.
The (1) legal costs of these lawsuits and (2) lost management time and (3) lost business opportunities will form the measure of damages that we'll extract out of GEO's and Carnes respective hides. Hope they have insurance up the wazoo to pay us as I don't like collecting blood from a stone. Service to society as a whistleblower, my posterior.
You missed my point. The point was that NQ set the standard for the short and distort Chinese company attacks. I was not trying to politicize it. But if you must bring up Texas, please note that the US head for NQ and their operations are in Texas. And the Texas guy set the standard and the bar high for how a victim of a short and distort attack should respond. The only problem is that all of the Texas folks I know who come to Seattle always stay and never go back. So much for your political theories.
An upgrade would be easy. All they need is for Lee to wake up and realize that a Bush administration crony coal guy is not the way to go. Lee can bring in a tech guy or gal from Seattle. Remember, this is the home of Microsoft and Amazon so there are many folks available.
I can answer your question. Datwani was a Board member and an independent director to boot. He was not part of management. The committee is independent of management, the very folks Datwani is supposed to be investigating with the assistance of Davis Wright as counsel to the Board, not counsel to company management. It's basic corporate governance 101. My problem is that I think Fong is the wrong guy for the job. But he's not a fraud. Neither are the independent directors, who have a fiduciary duty to the shareholders. That's why I blame Fong for the halt because it appears that he isn't doing his job. Again, NQ seems to be the model for how to respond to short blogger hit pieces, particularly ones with extreme hearsay evidence as was alleged in the GEO hit piece. Fong needs to be fired to regain investor confidence but it is only the Board that can do that. NQ had their Fong-equivalent head of US operations in Dallas immediately respond and face the media to address the allegations against NQ. What has Fong done to be visible? He's as American as me (I'm also first generation) and English is his first language. Why hasn't he been much more proactive like NQ has been?
I don't know anything beyond what is available to read by all. Just simply compare how NQ responded to its hit piece to how LLEN responded. NQ held a 2 hour open conference call to answer questions the next day. NQ addressed its documented facts regarding cash in the bank immediately. LLEN, by contrast, didn't publish its detailed rebuttal until 2 months after the original hit piece. The halt was done to allow LLEN to provide information to the Nasdaq. If LLEN already provided the detail, why has it been halted for 2 weeks and counting? Is it because the Nasdaq regulators are too busy eating turkey and watching football or because of how long its taking Fong et all to get the information together? I doubt that the stock was halted at the same time a request was sent to LLEN. That's unusual. Instead I suspect that the request was sent earlier and LLEN didn't respond or didn't take it seriously enough. This is the responsibility of the guy heading operations (Fong), not the independent committee. The Nasdaq will not accept a conclusory press release, it wants the actual evidence. LLEN claims it was sent to the committee. Why wasn't it sent to Nasdaq?
Now in late 2013 it seems the heyday of the short seller hit piece is over and the better opportunities is to evaluate the hit pieces and go long after the initial attack if it is filled with conclusory hearsay without admissible evidence, much like the GEO report. LLEN represents just such an opportunity. That's why I added significantly to my position after the attack but didn't finish doing so when trading was halted. Read the reports from Lee at Stanford about how Chinese companies, for the most part, are not frauds and represent good opportunities if we can separate the wheat from the chaff. The low-hanging fruit (actual frauds) has been picked in 2011 and now the likelihood of an actual fraud is much lower.
We understand that GEO is just a weak copycat of muddy waters who is even more hearsay laden. But the key difference here is that NQ mounted a much stronger response than LLEN. NQ was much more proactive. LLEN appeared to be lazy and arrogant but does have the evidence to refute the hearsay allegations. This is the problem with LLEN management, particularly Fong. That is not an admission of fraud. No, far from it, it means that LLEN did not get up off its posterior quickly and do the work needed. It is for that reason we need to get rid of Fong and bring in real management, not some Bush administration crony.
When one looks back at this chapter, the take home lesson for US listed companies with major China operations is to follow the NQ quick response model and not the lazy#$%$ LLEN ignore it and it might go away response. We as shareholders could have avoided the halt if LLEN had been much more proactive in providing the evidence to refute the hearsay allegations within 24 hours, not a month or two later. Fong needs to go, not because he's a fraud, he isn't, but because he is clueless to manage such an operation and this chapter has him looking like a deer in the headlights. Further, what's some Bush administration crony doing in Seattle? That's a fish out of water.
So paying a dividend is the only proof a stock is legitimate. But if you take a right out of the LLEN parking lot and head a wee bit north to Redmond, MSFT spent its first 18+ years of its public existence not paying a dividend. So by your analysis, MSFT is a fraud too, eh?
Thanks for the interest payment shorts. Have fun in short jail. The hanging will come when the short jail opens up and you can all leave, well north of $5 per share with the NAZ opening up trading with a clean bill of health. GEO will surely enjoying being the defendant in multiple lawsuits.
So Lee and Fong are already in jail then? That's where crooks go when there is actual evidence. I'll sell my shares when Lee and Fong go to jail. If not, you're screwed. Sleep well.
Hey moron. If you took any legal courses you'd also realize that the Queen owns all the land in the UK, just like in the PRC. Now which country is communist? And you have evidence that the LLEN numbers are fake. They you should disclose such evidence. Otherwise you're lying.
How about we need to show the fake journalists like Muddy Waters, GEO and the buffoon Carnes that you need actual facts and evidence before drawing an inflammatory conclusion. That would be a real public service to shut down these scam artists.
That has to be the most idiotic post I've ever read. GEO went to China, except they were ignorant as to what to look for. That's why their report proved only their ignorance. Yet LLEN management has to sign certifications under Sarbanes Oxley attesting to the correctness of the audited financials. If they are fraudulent, Lee and Fong will go directly to jail and will not pass "GO" nor collect $200. So why would sending some buffoon to China prove anything except a boondoggle? Will taking a picture or an apartment building somewhere in China prove anything except ignorance? The entire model of GEO, Muddy Waters and that Vancouver buffoon Carnes is flawed. Going to China to take pictures and talk to locals doesn't provide any admissible evidence of anything. You need to study the structure of corporations and contracts which going to China doesn't provide., particularly if you don't know what you're looking for in the first place. And then when you're confused, you cannot draw the conclusion of fraud, when all that been proven is ignorance.
Look idiot, you're the one served on the half-shell. A "die-hard long?" I guess that's me too. So far I've only doubled my position (in terms of share price) and if I wait a few more months, I'll pay a lower tax rate. I guess that's die hard or live soft, your choice. But I bought ZGNX after the panel voted and the stock crashed because I felt the FDA would approve irrespective of the panel vote. I guess you played market buffoon and shorted after the panel vote but before FDA approval. You must have read another brilliant seeking alpha article, devoid of analysis or original thought.