on June 5, hunting cloud network news
net qin last night officially announced the company independent special committee on muddy water short report of the survey, said there is no muddy waters accused of fraud. The news boosted, the net qin shares rose nearly 31%, the highest 42.2%.
last October 24, short-seller muddy waters report accused nets qin business fraud, cause the volatility of the latter and questions. Later, qin in company, the establishment of independent special committee is responsible for investigating the matter. Independent commission members include four independent directors of the qin dynasty, the council then invited the international law firm Sherman conduct an independent investigation, Sherman law firm hired deloitte as a financial consultant and accounting to assist the investigation.
after six months of investigation, independent investigation is qin commercial activity, earnings, cash flow and revenues, Chinese and overseas partners and major acquisitions launched an investigation. In the survey, the company management and staff to cooperate fully with the investigation.
today’s findings is to network Qin Xiqing “injustice”. The investigation team found no evidence that qin had muddy water in company is accused of fraud.
in addition, the investigation team also puts forward a series of Suggestions for net of the qin dynasty, in order to further enhance the company’s internal management level. Qin’s board of directors has adopted the recommendations, and to guide the company management.
in his recently published in the first quarter earnings outlook, qin in company is expected to more than previously expected revenue in the first quarter of $75 million to $76 million range, mainly due to its strong enterprise business performance. In addition, in the second quarter revenue to between $83 million to $84 million, more than $78.9 million, Wall Street analysts on average expected showed good growth.