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  "documentTitle": "Focus Media Holding Ltd. (FMCN)",
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  "authorName": "Carson C. Block",
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      "text": "FMCN has been fraudulently overstating the number of screens in its LCD network by approximately 50% - particularly in Tier I cities.",
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      "text": "Like Olympus, FMCN is significantly and deliberately overpaying for acquisitions, writing down $1.1 billion out of $1.6 billion in acquisitions since 2005.",
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      "text": "FMCN has been fraudulently overstating the number of screens in its LCD network by approximately 50% – particularly in Tier I cities.",
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      "text": "Our research shows that FMCN has claimed to acquire, write down, and dispose of companies that it never actually purchased.",
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      "text": "Muddy Waters rates Focus Media Holding Ltd. (NASDAQ: FMCN) a Strong Sell because of significant overstatement of the number of screens in its LCD network and its Olympus-style acquisition overpayments.",
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      "text": "1 See p. 3: Goodwill Hunting at the Olympus Games; 2 See Appendix E – Insider Transactions; 3 http://ir.focusmedia.cn/phoenix.zhtml?c=190067&p=irol-newsArticle&ID=1631895&highlight=; 4 See p. 3: Goodwill Hunting at the Olympus Games",
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      "text": "I. Introduction – FMCN: The Olympus of China",
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