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.
Yes they did. They have been pumping and dumping this stock for years. The were wait until the shorts beat them down,buy more stock then issues a great earnings report, then stock rises and then sell. Repeat over and over. They planned to do this forever until they finally got halted by the Nasdaq. They knew this day would come and on their final buy they would lose but didn't know exactly when. When was yesterday.
I wish you were correct hone, but you are in denial like I was yesterday. If this were a real and legit company, the company would have worked through the night last night preparing the documentation that the Nasdaq requested which was ALREADY compiled supposedly in their response to the short seller attack, and would have been submitted to the Nasdaq before 6 AM EASTERN time. Instead, they were working all night, but on their exit plan. Face it, we got screwed.
sorry wells, read it and weep with the rest of this. Read this link and then type in all the ticker symbols mentioned in the article. ALL of the companies no longer exist (and in reality never did exist). We are screwed.
Sorry Makemy, ALL of these companies are technically American companies but with operations in China. No one will be held accountable. I looked into the other 15 that went down in 2011 and followed up on them this morning. Zero arrests. They will all get away with it and yes I am really angry too. The SEC announced "investigations" into several of them months after the halt, but like with most SEC investigations, the last thing you ever hear is the announcement of the investigation and there is never any follow-up.
I hope you are right calm but I am 99% certain you are wrong. It is just a case that the LLEN crooks were better at it and covered their tracks better. We have been had. I was in denial yesterday, angry today and acceptance and moving on tomorrow. I feel bad for people who will keep checking back on the ticker and this board hoping and looking for news. There will be none. We will never hear anything from the company nor the Nasdaq for months and only then it will be a 1 sentence press release from the Nasdaq saying they have delisted the company. Sorry it sucks but we got had.
Sorry Makemy, those 8 were not china reverse merger stocks like LLEN. They were regular American companies that had agreed to be taken over and it was announced in a press release MONTHs BEFORE and then the stock continued to trade right up until the day before they were taken over and NASDAQ halted trading because the stock would no longer exist the next day.
I did some research on T12 (Request for More Information) Halts. There were 15 of them in 2011 on reverse merger China stocks. For 12 of them the stocks NEVER resumed trading, the companies NEVER issued a statement. Nothing, total silence. Months later the companies were quietly delisted. Later the SEC investigated for Fraud and the investigations were never resolved one way of another. The companies just died a quiet death. In the other 3 cases, trading resumed but months later and the companies faded into penny stock oblivion and were ultimately delisted. Even in these cases, the Companies NEVER issued a statement. Bottom line is we are screwed. We have been taken. It is only less than 0.1% of my portfolio but so a negligible loss but I am still #$%$. The reason I got taken was I assumed if this company didn't go down with the rest in 2011, it must be legit. I was wrong. The only saving grace is if the stock never opens again which is likely, the shorts also can't cover their shorts so they lose everything too. The only winners are the company execs who used the fraud to pump and dump the stock repeatedly over the years (via friends so it doesn't show up as insider trading) to make a forturne. Even worse, these people always get away with it. No one from the 15 that went down in 2011 were prosecuted. Even worse for us is we can't take the tax loss because we will never be able to sell. However, I plan to take it anyway. Sorry to bring the bad news but we have been had.