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  "docSlug": "2c59d5d27b43",
  "documentTitle": "Focus Media Holding Ltd. (FMCN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2012-02-09 00:00:00",
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  "notes": "The slide uses a sarcastic tone to highlight management's deception, referencing specific past fraudulent behaviors.",
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      "kind": "callout",
      "text": "FMCN attempted to pull a Jedi mind trick by referring to the roughly 30,500 cardboard posters as “LCD 1.0 picture frame devices.”",
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      "text": "Three static poster frames in an elevator.",
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      "kind": "list",
      "text": "told investors its movie theater network was 17.6x the number of movie theaters in existence in China. traded in and out of Allyes, causing substantial losses to shareholders.",
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      "text": "FMCN has made it unambiguous that “LCD” means Liquid Crystal – not Light Cardboard – Display. At least that was the case before Muddy Waters exposed FMCN’s fraud.",
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      "text": "We reiterate. In order to rebut Muddy Waters’s conclusion that FMCN overstated the size of its LCD Commercial Display Network, FMCN had to include 30,500 of the cardboard objects shown in the below picture (from FMCN’s website):",
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