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  "notes": "Includes specific allegations against AMBO and CAST management; table compares gross margins across five companies from 2007-2011.",
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      "text": "we view it as wholly unlikely that mass market education companies are able to generate gross margins in excess of 50%.",
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      "text": "AMBO: has had two CFOs resign in the past year... CAST: In March 2012, CEO Ron Chan was fired... XUE: has had low or negative operating margins...",
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      "text": "We are skeptical of the financials of several of EDU's publicly-traded peers, specifically Ambow Education Holding Ltd. (NYSE: AMBO), ChinaCast Education Corp. (OTC: CAST), and TAL Education Group (NYSE: XRS).",
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