We must now wait for an undefined period of time (could be several weeks at least?) for the Company to supposedly refute the allegations. Until that time, shareholders should not expect any recovery in MONT's share price?
Anyone think that a company committing fraud would say anything but this? I guess that we'll hear more in "due course". So the cloud will remain until at least "due course". Frankly, I don't know what to think about this self-serving statement. Thoughts?
Montage Tech issues a statement in response to allegation and misinformation in report; says 'company believes that the allegations and accusations in the report lack merit and contain numerous errors of fact, misleading speculation and misinterpretation of events' (MONT) :
•Co issued a statement in response to allegations raised in a research report dated February 6, 2014 issued by a group called Gravity Research.
•'The company believes that the allegations and accusations in the report lack merit and contain numerous errors of fact, misleading speculation and misinterpretation of events. Montage fully stands behind the integrity of its audited financial statements, which have been audited by its independent accountants, PricewaterhouseCoopers Zhong Tian LLP. Montage also disclaims any suggestion that LQW Technology Company, an independent distributor of semiconductor products to the end customers of Montage and other technology companies, is an affiliate of Montage. Montage plans to release additional information refuting the allegations made by Gravity Research in due course. Montage is committed to providing full and accurate disclosure to investors and to preserving confidence in Montage's business, management, financial performance, operations and corporate structure.'
Sorry about that - looks like he bailed right before the Chinese stocks dipped. CAAS dropped about 90 cents in just 2 days.