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  "documentTitle": "Orient Paper Inc. (ONP)",
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  "notes": "The text contains specific allegations of fraud regarding machinery procurement and a standard Muddy Waters short-seller disclaimer.",
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      "text": "ONP is abjectly lying to investors about what it is purchasing, and has been all along.",
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      "text": "Muddy Waters, LLC has obtained all information contained herein from sources we believe to be accurate and reliable. However, such information is presented \"as is,\" without warranty of any kind – whether express or implied. Muddy Waters, LLC makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and Muddy Waters, LLC does not undertake to update or supplement this report or any of the information contained herein.",
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      "text": "As of the publication date of this report, Muddy Waters, LLC (possibly along with or through our members, employees, and / or consultants) has a short position in the stock (and / or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of the stock declines. Following publication of this report, we intend to continue transacting in the securities covered herein, and we may be long, short, or neutral at any time hereafter.",
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      "text": "Our checks on the new machine with three other producers indicate that ONP is paying approximately $13 - $14 million too much for the kraft paper line. (We doubt that ONP is overpaying out of incompetence.) The transcript with Mr. Zhang supports our findings. First, Mr. Zhang thinks it is reasonable that the company “maybe ranking number two in China in this industry” (called “Huadong”) would sell a comparable line for $10 million less than what ONP is claiming to pay Qinyang. Mr. Zhang then proceeds to equivocate on ONP’s price during our conversation.",
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      "text": "says that the machine HBOP claims to be purchasing is “a theory” in terms of capabilities, and no such machine has been produced before in China. ONP is abjectly lying to investors about what it is purchasing, and has been all along.",
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