FAB Universal: Glaring Contradictions In Its 2013 10-K

By Alfred Little:

On July 16th, 2014, FAB Universal (FU) will make an oral appeal to the NYSE’s April 28th, 2014 delisting decision. Presumably FAB will try to explain how its secret $ 16.3 million Chinese bond offering was not a sufficiently bad corporate governance-lapse to merit a delisting. FAB will also have to explain how its decision to downgrade its auditor somehow made sense given its admitted lack of internal control over its Chinese subsidiaries. On top of all this, FAB will have to convince the NYSE that its contradictory disclosures in its belatedly filed 2013 10-K finally paint a true picture of FAB’s Chinese business. In today’s report, I analyze and expose contradictions in FAB’s new description of its media kiosk business and question why FAB’s former auditor was unable to perform cash balance confirmations

Is FAB a Provider and Operator of Media Kiosks or a Seller of Technology


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