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  "documentTitle": "Orient Paper Inc. (ONP)",
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      "text": "There is a smoking gun that proves ONP overstated its 2008 revenue by 27 times. The audited 2008 PRC financial statements for He Bei Oriental Paper Co. Ltd. show revenue of only $2.4 million.",
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      "text": "ONP overstated its 2008 revenue by approximately 27 times. Put another way, ONP's actual revenue of $2.4 million was only 3.7% of the amount it reported in its Form 10-K.",
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      "text": "ONP claims to have hired a professional appraisal company to value the assets it acquired from Shuang Xing in order to ensure that the transaction price was fair.",
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      "text": "We do not yet know the exact amount of ONP's revenue overstatement for 2009; but, we believe that ONP's actual revenue grew little – if at all – from $2.4 million.",
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