China MediaExpress Holdings: All Eyes on Deloitte

Glen Bradford submits:

Don't take my word for it. Why don't you just ask Carson Block, who has been a large supporter of the hypothesis that China MediaExpress Holdings (CCME) is a fraud.

China Media shares have fallen about 21% since Feb. 2, the day before your report was published. What is likely to happen next?

Where the stock goes depends on what its auditor does. If the auditor signs off on the financials, then most likely the stock returns to its prior level above 20.

What's crazy about all of this is that Deloitte audited the financials in 2009. Deloitte has been auditing the financials for 2010 as well since at least the beginning of the year. Deloitte has to have known about the hit pieces that have been written against CCME accusing them of fraud. I'm sure that they looked into the claims. I am sure that Carson Block has profited


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