Well hang on Geo was just sell serving short sellers hoping and guessing LLEN was fraud. They produced zero evidence that the whole thing was a scam. Geo just came up with a bunch of tidbits. This has nothing to do with GEO. Geo claims hundreds of legit companies are frauds and they got lucky that this turned out to be actually true. On the other hand I can't believe some people still think there is hope. Don't they realize that if this were a real company with hundreds of millions at stake that they the couldn't produce legit documentation requested by Nasdaq in 24 hours? Day after day goes by and nothing. There is nothing, because unfortunately there is nothing to there to produce.
We have been taken and the T-12 was the end. This guys is resigning as a way to avoid getting implicated in the scam. In 2011 all but one of the 15 so-called reverse China mergers were gone after the T-12 half. What #$%$ me off is why LLEN wasn't halted back in 2011. I assumed they were legit by still going 2 years later but it turns out they were just better scam artists and were able to keep it going 2 more years. Also people are wrongly looking at official insider selling. These scam artists do their selling through friends and family so it is not going to be listed under insider sales. I tried to explain this to Make and he wouldn't listen. He was still in the denial phase. The only saving grace for me is it was only about 0.2% of my portfolio, but I am still #$%$ that I got taken. I have been doing this for 22 years and should have known better.
Hang on. Everything GEO said was lies and guesses and stirring up the pot. They had no real information. They were just betting that like all the the other reverse china companies this too was a fraud. They guessed right and made money. I assumed because LLEN survived this long they were legit and I guessed wrong. It is a mistake to write off the company based on GEO lies, I agree, but it is not a mistake to write off a reverse China IPO that gets a T12 trading halt. It is over. We have been had.
Also, sorry but these short selling illegal stock manipulators are NEVER caught also. Just like the fraudsters at LLEN will never be caught. If you are looking for justice you are living in the wrong world.
Lots of good info mad, thanks. The "settlement" process usually takes 3-5 years and what you get is pennies on the dollar. I know because I have been investing for 25 years and always fill out those settlement papers they mail you (years later) and then 2 more years later get the check. For a typical $5000 loss in LLEN IF you fill out the paperwork when you get it in the mail 3 years from now, you will get your settlement in about 2018 and it will be about 15 dollars. I am not joking or exaggerating, but just want you to be aware of what to expect.
Yes Bitesr it WILL in fact take "longer than you think". How long? About as long as it took the other 15 reverse China mergers that were shut down by Nasdaq in 2011, which is FOREVER.
In cases of fraud, usually not all of the people are in on it. There are usually 2-4 people in on it and most of the rest of the "company" just work there or are hired as contractors and are not in on it. So Bartlett may or may not have been in on it. As far as the advisory group, that was probably just made up out of thin air and the report by the advisory group was probably just written by the fraudsters.
James, there is no "management" holding us in lurch, they are called con men who took you and me. There will be no press releases and the halt is permanent. It is over, we got taken.
Yeah this is actually about the 10th time I have been taken by fraud over my 25 year investing career. That is why I am well diversified and own over 100 stocks. Yes it is a lot of work but worth it for me when something like this happens. This is less than 0.1% of my holdings. They all have relatives in China and I am sure they are already long gone. I got taken about 10 years ago on an Indian run software company calle Amerisoft. One day they just took off to the grand cayman Islands with 10 million dollars. I lost 95% of my money. Sorry for your loss.
Unfortunately the difference was those were massive high profile companies and authorities aggressively pursued the fraudsters. These reverse China frauds are tiny #$%$-ants in the big picture and as I have stated over and over again, they other 15 reverse China frauds that went down in 2011, none of the perpetrators were arrested and neither will Lee and the rest at LLEN.
Hone, don't you realize the shorts are screwed too along with us? No one will be able to get out now. You are wasting your time trying to talk up the stock. It is over. I like you were in total denial yesterday. How long do you plan to stay in denial? They shut it down, it is over. The game is over for all but the execs to spend the 200 million they made off of fools like you and me.
They won't get what they deserve. As I have stated there were zero arrests from the other 15 reverse China mergers that went down in 2011. Why the great lengths they went through to hide the fraud? Not fear of getting caught but because they were making so much money. Here is the history: LLEN does reverse merger out of thin air begins trading at $2 per share in 2009. Selling insiders instantly out of thin air own 58 million in stock. They put out fake PRs and stock soars to 14 in 2010 and now they have 350 million in fake stock. They sell off half the shares and pocket 175 million in fools (like me) money. The stock crashes to 2. They pump it again in phony earnings reports it double to 4 and they sell half of the stock profit another 30 million bringing total profits to over 200 million. The stock crashes down below 2. They still hold 20% of original shares and plan to pump it again by refuting short seller BS and then dump again but plan gets interrupted by T12 halt. They execute their exit plan leaving 40 million left in fake stock but still made over 200 million in profit. That is how and why it worked out as it did.
That would be nice to assume they are busy working on a response. In reality they are long gone and are executing their exit plan which was formulated years ago and was refined based on lessons learned from the 15 other reverse China mergers that went down in 2011. I am sure they studied those cases hard for clues on how to get away with it once the inevitable T12 halt comes.
sorry Martin but you are wrong. Yong was halted for news pending, not a T12 trading halt by the nasdaq. Here is the link: http://www.streetinsider.com/Trading+Halts/Yongye+International+%28YONG%29+halted+news+pending/7791505.html
That would be nice cool, but as I have been trying to convey over and over this is a T12 halt. Technically it means the nasdaq is requesting information. However, that is just a technicality. They are not actually asking for more information, they are simply shutting down trading permanently. The day before a merger is consummated, the nasdaq issues a T12 trading halt which officially means they are requesting more information. In reality, it means they are shutting down trading because the stock won't exist the next day.
I did not take Makemy as bashing me. He was asking a legit question as to why I appeared on this board. It doesn't matter who is associated with the company, as I said Hank Greenberg of AIG fame got taken on several reverse China mergers in 2011. Jimmy Rogers one of the most famous investors of all time got taken on one these. I don't care if Mother Theresa was on the board, these guys are good to have lasted this long and could have and did fool anyone and everyone. Look at the record for T12 halts on reverse China mergers. It is over and will never resume trading and there will NEVER be a peep from the company, the nasdaq or anyone else. We are basically talking to ourselves and won't hear from anyone else.
I just (foolishly) bought recently. I wrongly assumed all the reverse China Frauds had already been taken out years ago. I was wrong. These guys were better crooks and were simply able to last 2 years longer than everyone else. I didn't appear all of a sudden, have been investing since 1988, started with 8K and now have 2.0, but got taken on this one.
Sorry stir, but you really need to read the link I posted. Herb Greenberg, AIG founder, one of the greatest ever investors got taken in the 15 reverse china mergers that got halted in 2011. Zero people were jailed and in fact there have been zero arrests in any of those 15 companies. The LLEN people know they will get away with it just as the other 15 companies got away with it after they were halted. The only action taken against anyone was, the SEC told one exec to never run another company again. All of the other 15 companies had auditors also, it is required to be listed.
LOL! Imagine Investor Relations "not being in yet" on the most critical day in the history of the company and deciding to sleep in a little more than normal, see the kids off to the bus stop, sip that extra cup of coffee, take the long scenic drive to the office. Investors relations won't ever come in again.
Yeah, loss is relatively small for me, but still don't like being taken and would love to get a hold of one these guys but have to let that go too as it will do me no good hanging onto anger. Good luck, I am leaving this board for good.