Spreadtrum Communications

Ist doch schön, wenn man Newsletter von MW abboniert. Folgende Nachricht habe ich heute gegen 18 Uhr bekommen: June 28, 2011 Muddy Waters, LLC has begun researching Spreadtrum, Communications Inc. (NASDAQ: SPRD), and we have taken a short position in it. (Please see our disclaimer below.) We have identified a number of issues in SPRD's filings, and we believe that there is a high risk of material misstatement in the reported financials. Our concerns are gravest regarding 2010 and 2011 numbers. The below link is to an open letter we have written to SPRD chairman Li regarding our concerns. ------------------ Folgende Fragen werden an SPREADTRUM gestellt: ------------------ Per the interview with Mr. Wu, the board lost confidence in him. Why would the board have lost confidence in Mr. Wu when the sales pipeline was so promising? 2. Is it fair to assume that Mr. Wei voluntarily left his position as CFO? 3. If so, why would he have done so one month before completing the financing, and with such a promising sales pipeline? 4. By how much did SPRD’s mainland China markets (by product type) grow in 2010? 5. What were 2010 sales of RF transceivers, baseband semiconductors, and any other products SPRD began selling in 2010? 6. If SPRD generated $75.3 million in pre-tax profit in 2010, why didn’t it make any cash tax payments? 7. Given that the turnover in the auditor, audit committee, and CFO position occurred while SPRD was in the midst of a stunning turnaround, did the resignations and removal have anything to do with discomfort about SPRD’s accounting? 8. If not, what were the reasons each resigned (or was removed in the case of Deloitte)? 9. As a general matter, can you explain why the size (in absolute value terms) of each of the operating cash flow accounts we highlighted is much larger than in the past? 10. What processes did the auditors undertake to confirm the sizes of each of these accounts? 11. Why have each of advances from customers and deferred cost become so significant? 12. Is SPRD acquiring MobilePeak in two stages because MobilePeak had an urgent need for liquidity? 13. Why is SPRD acquiring a company that evidently was unable to raise additional funds from its existing investors? 14. What assurance can you offer that the MobilePeak acquisition will be more successful than the Quorum Systems acquisition? 15. Should we expect that shareholder funds will be used to purchase shares that insiders are selling? --------------------------- Eure Meinung dazu? Wird es der nächste Sino Forest? Short-Seller Party geht weiter...