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  "documentTitle": "Focus Media Holding Ltd. (FMCN)",
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  "authorName": "Muddy Waters, LLC",
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  "presentationDate": "2011-12-09 00:00:00",
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      "text": "No. Although independent verification reports in China and toilet paper are often intended to hold the same substance, our research indicates that investors are much better off sticking with 2-4 ply toilet paper in the bathroom.",
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      "text": "CTR is regarded, including by FMCN, as one of China’s premier independent market research firms. Yet CTR’s research was integral in selling the China MediaExpress Holdings, Inc. (OTC: CCME) fraud to investors.",
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      "text": "In response to Muddy Waters’s disclosure in our November 21, 2011 report that FMCN’s LCD commercial display network media kits show far fewer screens than FMCN claims to have in its filings, FMCN announced that it would commission independent verification of its network size.",
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      "text": "No. Although independent verification reports in China and toilet paper are often intended to hold the same substance, our research indicates that investors are much better off sticking with 2-4 ply toilet paper in the bathroom.",
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      "text": "DTT has informed the Company in its resignation letter that it was no longer able to rely on the representations of management and that it had lost confidence in the commitment of the Board and the Audit Committee to good governance and reliable financial reporting. — Deloitte Touche Tohmatsu (DTT)",
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      "text": "Footnotes 1-4 detailing the basis for the claims regarding CTR and the CCME fraud.",
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      "text": "Note: You should assume we have a short position in FMCN as of this report – prior to reading this report see important disclaimer on the last page (page 12).",
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