In all the excitement over the Global Hunter / Ping Luo “drop” this past weekend, your author missed one corpse in the Ping Luo body count. China Automotive (CAAS) which began life as a shell called Visions in Glass (VSIO), is not only a Kevin Theiss promoted stock, discussed here, but also a Ping Luo “accumulate” recommendation. The only things that CAAS will likely be accumulating in the future is late and amended filings.
CAAS is going to be late with its 10K and also will have to restate prior years’ results. Says the company:
“On March 12, 2011, the audit committee of the board of directors of the Company (the “Audit Committee “) concluded that the Company’s previously issued audited consolidated financial statements as of and for the fiscal year ended December 31, 2009, and related auditors’ report, and unaudited interim consolidated financial statements as of and for the quarterly periods ended March 31, June 30 and September 30, 2010, should no longer be relied upon because of these errors in the financial statements. The Company intends to restate these financial statements. The Company’s review of these accounting errors and their impact on the Company’s consolidated financial statements for each period is continuing. The Audit Committee is overseeing this review. The Company expects that it will not file its annual report on Form 10-K for the year ended December 31, 2010 on time.”
CAAS’s audit committee is, sadly, not chaired by the illustrious Gene Michael Bennett, but by a Canadian gentleman named William E. Thomson. Bill, as he likes to be known, is quite a prolific director. He sits on the board of China Armco (CNAM), which was once a shell called Cox Distributing (COXD). CNAM is a stock promoted by Gary Liu (who himself was last seen touting Subaye (SBAY). Thompson also sits on the board of Southern China Livestock (SCLI) an upcoming Rodman/Newbridge deal, Chile Mining Tech (LVEN) which was once a shell called Latin America Ventures, and a slew of other Canadian and OTC US names.
And the Ping Luo body count continues….