last night, qin announced the company independent special committee survey results, said the company does not exist research institutions muddy waters alleged fraud. On the news, nets qin shares trading in the rally, intraday rise nearly 20%, closed up 10.75%.
in October last year, before the net qin rising share prices, which were muddy water “targeted”. At the end of October 2013, muddy waters issued a 97 – page report accuses network users and qin performance. Subsequent rise to a series of the volatility and controversy, questioning. Report on the same day, cause net qin shares. Then on November 1, 2013, net qin hired law firm Shearman & amp; Sterling conduct an independent investigation. The agency hired deloitte touche tohmatsu as a financial adviser.
after months of work, the team’s current survey results show that the company does not exist in the muddy waters report accused of fraud. Investigation team has on its findings are discussed, and independent special committee of independent special committee is to evaluate the results, in order to determine whether network qin also need to provide other information, or investigation team also need additional investigation.
stay after the investigation work completely, qin will take survey results together with the annual report Form 20 – F filing with the securities and exchange commission. Once the survey is completely finished, the net qin will submit the annual report as soon as possible. But before that, the network first qin will submit the Form 12 b – 25 files, in the annual report will be submitted to delay the date of 15 days.
based on the current findings, the net of the qin dynasty still think, muddy waters report accused of lack of basis, so the net qin not revising the submit financial statements before.
prior to that, do not want air shall have many setbacks, and plan to new Oriental, 360 companies have failed. There are many analysis thinks, muddy water bodies such as shorting enterprise’s real purpose is to affect stock price, thus joint stock investors common profit.