Following asensio.com’s report on Global Hunter Securities and analyst Ping Luo’s promotion of China MediaExpress Holdings, Inc. (NASDAQ: CCME), a post on the BuyersStrike! blog published yesterday suggests that Luo, the “high priestess of Chinese reverse-merger garbage,” was “dropped” by Global Hunter.
Trading in CCME stock is still halted, after CCME announced on March 14th that its auditor, Deloitte, resigned, stating that it could no longer rely on representations by CCME management. CCME also said that its CFO resigned. Luo maintained a buy recommendation on CCME shares, even after numerous fraud allegations against CCME surfaced.
BuyersStrike gives a full list of Chinese stocks promoted by Luo. Notably, another stock promoted by Luo, ShengdaTech, Inc. (NASDAQ: SDTH), has been halted since March 14th, after SDTH announced that “potentially serious discrepancies and unexplained issues” were identified by the company’s auditor, and that it would not be able to file its 10-K on time, according to an SDTH press release.
Luo maintained a buy rating and a $6 price target on SDTH shares, according to a Global Hunter report published January 18th.
With both CCME and SDTH, NASDAQ continued its years-long tradition of promoting questionable companies by allowing them to ring the ceremonial NASDAQ bell. See photos of CCME and SDTH executives ringing the NASDAQ bell. The CCME crowd appears to include NASDAQ executive Robert McCooey, whose promotional efforts in China were the subject of a separate asensio.com report.
