Evidence? Evidence? What stinking Evidence are you talking about? Shorts hypothetical issues are not credible because they came up with them first and then tried to prove them last with available information. Taking available information and trying to prove hypothetical issues doesn't constitue evidence There's only been unfounded accusations derived from inaccurate suppositions. It is like the police trying to prove foul play with a suspect when someone is reported missing without knowing that the person moved to the next town. Low tax rates don't constitue illegal activity nor does any other accusation against Ebix and Raina. Shorts have absolutely no evidence, only incomplete information that shorts assert as prove positive that Ebix and Raina are hiding illlegal activity even though the person missing isn't dead but alive and well in the next city. Raina and others have addressed each and every accusation to no avail. Shorts keep insisting that the missing person is dead even though there's a photo of the person holding a dated paper and still demand the accused to be put on trial.
I found this after I posted above. It came out a few days ago.
The Public Company Accounting Oversight Board released its annual inspection report on Ernst & Young, the Big Four auditing firm. It wasn't pretty. Out of 51 audits that were reviewed, 25 had deficiencies so significant that the board's inspectors considered them to be audit failures. Unfortunately there isn't much that investors can do much with this information. The report didn't name any of the companies where Ernst botched the audits, per the board's longstanding policy of keeping client names secret.
They need to re-establish credibility in their accounting in one form or another, but scratch Ernst & Young now. The watchdog group over auditors just came back after appraising 51 audits by Ernst & Young; it failed 25 of them.
Another option. Ebix announces that it has hired one of the big 4, PricewaterhouseCoopers - KPMG - Deloitte - Ernst & Young, to do an independent audit to confirm its believe that no wrongful accounting has taken place or at least to advise them on international tax strategy.
One thumbs down? What's the matter Sam? You can't take a joke? OK, OK I made mistakes. So it wasn't Rm 501; it was Rm 612, and it wasn't lunch; you picked up the tab at the bar instead.
60 days ago the estimate was 46 cents this quarter (changed 30 days ago) and 45 cents next quarter. Although this is coming from 1 now vs 2 analysts previously, the 32 cents probably takes into consideration the costs of merger. Of course those costs should be nil by now.
Here's my take. It's no coincidence that the article and short attack was on the 6th. I think that they used naked shorts that aren't fully covered yet since they are only able to hold the line on the stock price at this level. The big short hopes for a miss and a down day so that the naked shorts can be covered on the 9th. Otherwise they will have to borrow more shares and wait for next week. A hit piece from Gotham? Monday or Tuesday or it could be a follow-up piece by Greg Farrell. There's another option that they short more on the 9th and at the same time cover the shorts from the 6th. There's all sorts of things that could go right or wrong; your imagination is as good as mine.
The punch line: When Sam is out on the street, he fishes for his cellphone and dials. The phone is answered and Sam says, "Hello Dan, tell Mr Big that it's done, 8/6." and hangs up.
Sam, Greg, and Joe meet up in front of FBI headquarters. Greg waits outside as Sam and Joe enter. Sam and Joe knock on the door of Rm 501. Sam introduces Joe to the boys and says loudly, "I think that Ebix is money laundering and I brought Joe, a former Ebix buyout executive, to talk to you." The first agent comes up to Joe and asks, "Do you think Ebix is money laundering?" Joe replies, "I don't know, I wasn't involved in the money matters after the takeover. I was let go shortly after the buyout." As Sam and Joe leave the building, they meet up with Greg across the street for lunch. Greg asks Joe, " How did it go? What did they ask you?" Joe replied, "They asked me if I thought that Ebix money laundered." After lunch, Sam pays the bill and hands Greg and Joe envelopes and says, "Have a nice day." and leaves.
I do hope that you covered. Next time do your own homework instead of relying upon others. False and misleading information even from a reporter will get you into trouble.
Well, their computer program has to be one of the best. If the stock chart was the heartbeat of someone in the hospital, the patient would be declared dead. So yes, it's someone big with a lot of money and a lot of power.
I think next Monday Raina will be accused of lottering with intent to jaywalk.
You could be right, but I do think that there is a chance that Mr Short will have something put together over the weekend and published maybe on Monday to dispute earnings.
Yes, analysts thinking is a little strange here. AEO sales down because others were unloading product and they had to clear their inventory too. They did get it to the level that they wanted. This is about teens and their continuing high unemployment more than anything. There was some questions about the heat wave that hit much of the USA and retail shopping, but then again people go to malls to cool down.
Maybe, but I'm looking for one after earnings that will question everything said and stated in the conference call. I don't think that another attack will do much good before earnings as after earnings and reserve it until then.
Gotham City tweets 21 hours ago and Mr Yu retweets on his longshorttrader account the following.
Gotham City Research@GothamResearch21h
$EBIX shareholders should also examine whether default on its debt is triggered in the case of misrepresentation of financial statements.
Gotham City Research@GothamResearch21h
Serious $EBIX shareholders should triple check whether EBIX has sufficient domestic cash to pay off its debt.
I always imagined that groups set up a couple of supercomputers to trade between themselves running programs that interact. I don't know if such a thing has ever occured but if I ever thought of it, someone with no ethics could be doing it right now. This shorting organization is big and not the small potatoes of Mr Yu. An organization this big doesn't necessarily borrow shares until they have to. They have time to locate shares after they short. I'm sure that most of the naked shares traded were already bought back by days end.
Ash Bokerage isn't very big. It looks like 14M in revenue with 98 employees from a website about the company. That could be dated information though since a linkedin long term care consultant says over 300 industry experts nationwide. But it is about time that Ebix announces all their contracts, no matter how small.
Yes, it was set up. One minute 800 shares trades at 12.05 then zap something like 528,000 shares trade. Shares were dumped into the market for extreme effect. Someone borrowed that many shares? I think that they were naked shorts.