Accounting fraud and accounting methods are two different things. KPMG has rose any flags about the accounting, nor did the SEC when they were performing due diligence for the LINCO IPO. I anticipate that this is the result of some powerful, highly vested Berry shareholders who have an axe to grind with LINN.
$30 a share, so I am not sure why this thing is getting so slaughtered. Probably just an opportunity for Wall Street, Barron's, SEC to take a few more crumbs before it goes back up...as it will, regardless of the deal or not.
I did not see a link on the Penn West website either, so I google'd the conference name and listened live through their link.
I did not particularly like the flow of the presentation....seemed slightly disorganized. Also did not like the commentary on the dividend, as it seemed like a setup for a future cut.
Listen and judge for yourself though.
Even if that is true....
Will it not cost heavily to defend against the SEC?
How much money does JBI have in the coffers?
I see heavy dilution in order to compensate the lawyers...this is not good.
I'm not blaming the lawyers. Certainly the parties responsible for the potential fraud are the ones to place the blame on.
I'm just posing the question regarding what will the state of JBI be once the lawyers are finished vigorously defending against this lawsuit.
Obviously I understand that this would not even be a concern had everything been operated on the up-and-up....where there's smoke there's fire.
I was referring to the newest one from the SEC. I believe that this one is the most concerning.
I would hate to see all of the technology potential and meager resources now available get drained from this action by the SEC.
But I know that the lawyers won't care; they will just make sure they get paid....even if that means the company goes down the toilet.
There are many statements contained in the 10Q that are not 'cookie-cutter' statements. Real deficits when it comes to debt and the inability to secure funding is not a problem of every company. There are many other 'company-specific' statements that are very troubling.
I wish you the best of luck in your investments - I hope they work out to your benefit. I made CCTC work to my benefit, but I can't take this type of 10Q (just my personal style) in concert with past filings and especially the conference calls they host.
Also, how many times did I read further dilution in the filing?
They may have a legit technology but they are not even sure that the technology has any cost benefit whatsoever....
Management said it in the 10Q.
I bought in at $.0128.
"Strong" buy? Strange...that doesn't seem to be the sentiment from management. They are not even sure they'll be in business in 2 months...
I understand India's needs but I also understand managements statements in the 10Q about how intense the competition is in this field and how many of the competitors to CCTC have more expertise, more capital, and more brand name. Management did not even have confidence that their patents could hold up to scrutiny.
In addition, it is very troubling anytime a company mentions that going out of business is a very real possibility within the next 12 months but yet the management keeps heaping millions of shares on themselves.
Something is not right here...