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  "documentTitle": "Focus Media Holding Ltd. (FMCN)",
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  "notes": "This is a page from a Muddy Waters research note exposing corporate fraud.",
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      "text": "The problem is that 30,542 of these LCD displays aren't LCDs at all – they're just simple cardboard posters.",
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      "text": "claimed to have acquired six SMS advertising companies that it in fact did not. Took Olympus style acquisition write downs of $1.1 billion on $1.6 billion in acquisitions.",
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      "text": "FMCN's management either believes that investors are stupid, or that its Jedi powers are overwhelming. Muddy Waters was 100% correct that FMCN deliberately overstated the size of its LCD network.",
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      "text": "The problem is that 30,542 of these LCD displays aren’t LCDs at all – they’re just simple cardboard posters. FMCN ludicrously labeled these posters “LCD 1.0 picture frame devices” in five of its responses to our first report.",
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      "text": "Hidden in Plain Sight – How FMCN Used Cardboard Posters to Make its LCD Number",
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      "text": "Remember when we asked whether independent verification in China is better than toilet paper? FMCN has provided its own resounding response of “NO!” On January 6th, 2012 FMCN announced that Ipsos Marketing Company completed a full count of FMCN’s LCD display network, and that FMCN currently has 185,174 displays in the network.",
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      "text": "2 FMCN claimed to have acquired parties to VIE agreements... 3 MW December 9, 2011 report... 4 http://ir.focusmedia.cn... 5 2011: November 22 & 29, December 14 & 22; January 6, 2012. 6 It’s arguably noteworthy that both contain carbon atoms.",
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