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  "documentTitle": "China MediaExpress Holdings (CCME)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2011-02-03 00:00:00",
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  "notes": "This is a short-seller research note from Muddy Waters Research.",
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      "kind": "callout",
      "text": "CCME tells investors that it has over 27,200 buses in its network. However, it tells advertisers that it only has 12,565 buses in its network.",
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      "text": "CCME tells investors that it has over 27,200 buses in its network. However, it tells advertisers that it only has 12,565 buses in its network. CCME management tells investors that its utilization rate is close to 100%.",
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      "text": "We caught CCME's management telling a particularly egregious lie. It recently announced it had created an online shopping platform that has an agreement with Apple Inc. AAPL made clear to us that it has no such relationship with CCME.",
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      "text": "The CTR research upon which CCME relies to (re)assure investors contains gross errors. We found that the CTR research exaggerates the numbers of buses of 13 operators by a collective 424%.",
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      "text": "See CCME press release “China MediaExpress Holdings, Inc. Announces Dividend Policy” (December 16, 2010). See CCME press release “China MediaExpress Holdings, Inc. Announces Three New Contracts” (January 13, 2011).",
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      "kind": "title",
      "text": "BUSTed – a Small Advertising Company Creating a Lot of Wealth for Management.",
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