The afternoon of the 16th Joe Giamichael of Chinese reverse-merger powerhouse Global Hunter Securities, the one-time home of Ping Luo, decided to “Suspend Coverage” of Yuhe International (YUII). Just a day before, in the face of overwhelming evidence, Giamichael reiterated his Buy rating and $16.00 price target. Read about yesterday’s hilarious note here.
Here’s what the GH brain trust had to say in today’s note:
Following the recent allegations and the formal response from management we were finally able to speak with Mr. Zheng to get his first-hand commentary regarding Yuhe’s public response to the allegations from GeoInvesting and the subsequent recorded conversation; in which, Mr. Zheng supposedly reiterated that the transaction never occurred and that the documentation that has been provided is false. Having contacted Mr. Zheng using the contact information provided in the SAIC documents, published by GeoInvesting.com, he confirmed to us what was previously stated in the GeoInvesting article.
But, GH didn’t tell its marks customers to sell, oh no, Joey G. did not even move his rating down to Hold. He just ‘suspended‘ it. Sadly, trading was not suspended YUII closed the day under $2. Global Hunter‘s long suffering marks customers lost 51.96% in just one day.