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  "documentTitle": "Orient Paper Inc. (ONP)",
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  "authorName": "Carson C. Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2010-06-28 00:00:00",
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  "notes": "This is a page from a short-seller research report (Muddy Waters) exposing potential fraud at ONP.",
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      "text": "ONP's Claims About its Top 10 Customers Support Our Fraud Conclusion",
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      "text": "ONP claims to have 600 workers. In reality, it either has a one million dollar contingent labor liability, or it does not have nearly the number of workers it claims. We think the latter is the case. During our site visit, we did not see nearly the level of activity that would imply ONP employs 600 workers.",
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      "text": "The companies that ONP claims are its top 10 customers are mostly obscure, and thus difficult to perform due diligence on. Nonetheless, we confirmed that ONP's claims with respect to the purchasing volume of two of its 2008 top 10 customers are false.",
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      "text": "did we see incoming trucks. We did not see any signs of the logistics support operation such a factory would require. Moreover, the road on which the factory is located is a small country road that likely could not support anywhere near the truck traffic that a paper mill producing over one hundred thousand tons annually would require.",
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      "kind": "source-note",
      "text": "21 December 31, 2009 Form 10-K, p. 12. 22 Labor Contract Law of the People's Republic of China... 23 Labor Contract Law of the People's Republic of China...",
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