Focus Media responds to latest Muddy Waters report
Focus Media Holding responded to the allegations raised in a research report by Muddy Waters dated February 9: "While providing no factual basis to challenge the work of Ipsos or Synovate, Muddy Waters nevertheless continues to allege that the company is double-counting. This allegation lacks credibility...Muddy Waters is now also challenging the size of the Company's LCD network by noting that the network includes a number of LCD 1.0 picture frame devices. Once again, this is not new information...Muddy Waters reiterates its claim that Focus Media overstated the size of its movie theater network in 2007 and 2008, ignoring the fact that Focus Media itself corrected the calculation methodology in its filings starting in 2009...The company is committed to providing full and accurate disclosure to investors and to rebutting any false claims that attempt to undermine confidence in the company's business, management and operations." :theflyonthewall.com
Subscribe for More Information