Is Advanced Battery's $20M Acquisition a Complete Fabrication?

Variant View Research submits:

In our previous report explaining why we are short Advanced Battery Technologies (ABAT), we claimed that ABAT spent $20 million to acquire a company linked to the Chairman without disclosing the relationship. Further research confirms that the truth is even more nefarious than we initially believed. The target company was not only related, but appears to be a company that ABAT had already acquired in 2008 for $1 million. The announcement of a new acquisition appears to be a fabrication allowing Chairman Fu to funnel $20 million of shareholder funds out of the company into his own pocket. We also learned of disturbing allegations by the CEO of the company acquired in 2008. That individual alleges that ABAT's Chairman threatened his life in retaliation for a lawsuit over $600,000 worth of ABAT shares.

Background

In January 2011, the company claimed that it acquired Shenzhen Zhongqiang New Energy Science & Technology


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