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  "docSlug": "37215fe80674",
  "documentTitle": "Focus Media Holding Ltd. (FMCN)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters, LLC",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2011-12-09 00:00:00",
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  "notes": "This is a page from a short-seller research report (likely Muddy Waters or similar) exposing fraudulent practices in Chinese companies listed in the US.",
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      "kind": "callout",
      "text": "We believe that the conflicts and private sector corruption often present in China business will include most to all foreign firms that offer similar services.",
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      "kind": "paragraph",
      "text": "FMCN has left open a number of critical issues from our reports, including issues associated with the phantom acquisitions, its consistent overpayments for acquisitions, and management self-dealing that continues to this day.",
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      "kind": "paragraph",
      "text": "We have concerns about China internet sector research produced by iResearch, which is owned by former FMCN subsidiary Allyes. We counted 27 Chinese internet companies that have cited iResearch in their SEC filings in the past year.",
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      "kind": "paragraph",
      "text": "essentially get whatever result it wants from “independent” verifications in China – particularly when it comes to confirming the existence tens of thousands of LCD screens.",
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      "kind": "paragraph",
      "text": "Although much of this report focuses on CTR’s farcical research for CCME, the point is not about CTR. Much independent research in China can produce similarly inaccurate results.",
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      "text": "Footnotes 5-8 detailing specific sources and corporate ownership structures.",
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      "kind": "title",
      "text": "Whose Research Can Investors Trust?",
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