Muddy Waters Research says it has amassed irrefutable evidence that China MediaExpress Holdings, Inc. (CCME) is a substantial fraud, and that management is engaging in a cover-up replete with further dissemination of fraudulent information. In light of the nature of the evidence, the firm believes that a de-listing from NASDAQ is not improbable. The firm also believes that that management stands to lose additional credibility. Muddy has reduced its estimated value on CCME shares by one-third to $3.54.
Shares of China MediExpress are currently lower on the session by 10.68%, trading at $10.99.
China MediaExpress Holdings, Inc. is headquartered in Fuzhou, China. The co. provides TV advertising network on Mainland’s inter-city express buses.