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  "documentTitle": "China MediaExpress Holdings (CCME)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2011-02-03 00:00:00",
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  "notes": "This is a research note from Muddy Waters Research dated February 3, 2011.",
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      "text": "Therefore our per share valuation is currently $5.28, but is subject to change should we believe that the cash number is incorrect.",
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      "text": "revenue: $5.28",
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      "text": "We estimate that CCME’s actual 2009 revenue was no more than $17 million versus reported revenue of $95.9 million, an overstatement of over 464%.",
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      "text": "Muddy Waters, LLC believes that China MediaExpress Holdings, Inc. (“CCME” or the “Company”) is engaging in a massive “pump and dump” scheme. The Company is significantly inflating its revenue and earnings in order to pay management earn-outs and inflate the stock price so insiders can sell.",
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      "text": "We doubt that CCME would have been profitable on $17 million in revenue... we would value CCME at $5.28 per share. However, to the extent that the cash balance is inflated, we would value CCME at a lower price.",
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      "text": "CCME would have investors believe that it places televisions to show advertising and non-advertising content on over 27,200 long distance buses. CCME would also have investors believe that it has generated approximately $214 million in advertising revenue in 2010.",
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      "text": "See Global Hunter Securities, LLC “Continued due diligence on CCME reinforces our thesis; Reiterate Buy” (February 1, 2011). — Footnote 2",
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      "text": "1 The seller was Thousand Space Holdings Ltd... 2 See Global Hunter Securities, LLC...",
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      "text": "CCME: Riding the Short Bus to Profits",
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      "text": "CCME: The Myth",
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