Full text
Exhibit 5
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Exhibit A
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UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
IN RE CHINA MEDIAEXPRESS HOLDINGS,
: 11 Civ. 0804 (VM)
INC. SHAREHOLDER LITIGATION
:
DECLARATION OF CYNTHIA L. JONES, CFA
I.
Introduction
1.
I am a Managing Director of Financial Markets Analysis, LLC (“FMA”). FMA is a
financial and economic consulting firm with offices in Princeton, New Jersey and San Diego,
California. FMA provides financial analysis and related consulting to its clients. FMA personnel
have frequently been called upon to prepare reports and to testify as experts in actions brought
pursuant to Federal and State securities laws on matters including: (1) market efficiency; (2) the
materiality of information; (3) loss causation and damages; (4) the valuation of publicly traded
securities based upon the hypothetical absence of alleged misstatements and misrepresentations;
and (4) the quantum of economic damages sustained by investors.
2.
I have been asked by Counsel to analyze the market for the common stock of China
MediaExpress Holdings, Inc. (“CCME” or “the Company”) during the period April 1, 2010
through March 11, 2011 (“the Class Period”) and to determine whether CCME common stock was
traded in an efficient market.
3.
A summary of the materials that I have reviewed and rely upon appear in Exhibit A.
4.
FMA is being compensated in this matter based on the number of hours expended at
the rates charged for personnel, which range from $75 to $450 per hour, plus out-of-pocket
expenses. My current hourly rate is $400, and my compensation is not in any way contingent upon
the outcome of this matter.
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II.
Qualifications
5.
I graduated from North Carolina State University with a Bachelor’s Degree in
Economics and Business Management and hold a Master’s of Business Administration in Finance
from Rutgers University.
6.
I have been professionally active as a financial analyst for more than twenty years. I
have achieved the professional designation of Chartered Financial Analyst (“CFA”) and am a
member of the CFA Institute. The CFA program is a globally recognized standard for measuring
the competence and integrity of financial analysts. Its curriculum develops and reinforces a
fundamental knowledge of investment principles. The curriculum includes Ethical and
Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis,
Corporate Finance, Analysis of Debt Investments, Analysis of Equity Investments, Analysis of
Derivatives, Analysis of Alternative Investments, Portfolio Management and Performance
Measurement and Attribution. A candidate’s ability to apply these principles at a professional
level is measured through three levels of examination which must be passed in succession. I
participate in the CFA Institute’s continuing education program and I am a member of the New
York Society of Security Analysts and the CFA Society of Philadelphia. A copy of my curriculum
vitae is attached as Exhibit B.
7.
A complete list of matters in which I have provided oral or written testimony is
attached as Exhibit C. My testimony has consistently been accepted by courts.
III.
Summary of Opinions
8.
Based upon my professional knowledge and experience, as well as my review and
analyses of the documents and data listed in Exhibit A, it is my opinion that during the Class
Period: (1) the market in which CCME common stock traded was open, well-developed, active and
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impersonal; (2) information about CCME was readily available and widely disseminated to
investors; and (3) the price of CCME common stock rapidly reflected new, relevant publicly
available information concerning the Company. Therefore, it is my opinion that the market for
CCME common stock during the Class Period can properly be characterized as efficient. As
discussed below, the market for CCME common stock during the Class Period met most of the
specific factors relied upon by a number of courts to determine whether a particular security traded
in an efficient market, including evidence of a strong cause and effect relationship between new
Company-specific information and the market price of its common stock. I have set forth the
various factors that I considered in analyzing the efficiency of the market for CCME common
stock in Exhibit D.
IV.
Defining An Efficient Market
9.
The concept of an “efficient” market evolved from the Ph.D. dissertation of Eugene
Fama.1 Dr. Fama made the argument that, in an active market that includes many well-informed
and intelligent investors, securities prices will reflect all available information. If the market is
efficient, an investment methodology for choosing a portfolio of securities cannot be expected to
consistently outperform an appropriate comparative benchmark – for example, a randomly selected
portfolio of securities with a similar risk profile.
10. According to The Efficient Market Hypothesis (the “EMH”) there are three forms of
market efficiency -- weak, semi-strong and strong. The three forms of efficient markets are
distinguished by the degree of information that is reflected in securities prices.
11. The weak form postulates that stock prices reflect information about their past prices,
and therefore it is impossible to earn consistent profits by studying past returns, alone. The market
1 Fama, Eugene F., “Random Walks in Stock Market Prices,” Financial Analysts Journal, Vol. 21, September/October
1965, pp. 55-60.
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is said to “have no memory” regarding past stock prices.2 One common methodology for
determining whether the market for a security is weak-form efficient is to statistically analyze
whether there is independence in successive price changes. If a security is weak-form efficient,
there should be no statistically significant relationship between today’s stock price change and
yesterday’s. If a significant relationship does exist, it’s a condition known as “autocorrelation,”
and may be a sign of inefficiency. However, the mere presence of autocorrelation alone does not
render a market inefficient. The non-random price return patterns must be persistent, and large
enough to be considered “economically meaningful” where one could consistently earn superior
returns to that of a simple buy-and-hold strategy.3
12. CCME became a publicly traded entity through a reverse merger with TM
Entertainment and Media, Inc. in October 2009. During the first two months of the Class Period,
CCME common stock was traded on the NYSE Amex, formerly known as the American Stock
Exchange.4 Beginning June 3, 2010, and for the remainder of the Class Period, CCME’s shares
were listed on the NASDAQ Global Select Market, a segment of the NASDAQ that boasts the
“highest initial listing standards of any exchange in the world.”5 As shown in Exhibit E, in order
to be considered for initial listing on the NASDAQ Global Select Market, companies have to meet
financial and liquidity requirements, including but not limited to: 1) minimum earnings,
capitalization, and equity thresholds; and 2) minimum shareholder and turnover, market
capitalization, and number of shares thresholds.
2 See, e.g., Malkiel, Burton G., “The Efficient Market Hypothesis and Its Critics,” Journal of Economic Perspectives,
Vol.17, Number 1, (2003), pps. 59-82.
3 See, e.g., Fama, Eugene F., “Efficient Capital Markets: A Review of Theory and Empirical Work,” The Journal of
Finance, Vol. 25, No. 2, Papers and Proceedings of the Twenty-eight Annual Meeting of the American Finance
Association New York, N.Y. December, 28-30, 1969 (May, 1970), 383-417.
4 NYSE Euronext acquired the American Stock Exchange in 2008, and changed its name to the NYSE Amex the
following year. (see, http://www.amex.com).
5 http://nasdaq.com/about/Top_Tier_Splash.stm.
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13. I performed a regression analysis of CCME’s daily stock price returns (the “y”, or
independent variable) against its one-day lag returns (the “x”, or dependent variable) during the
Class Period to test whether the returns were random or whether the previous day’s return was a
reliable predictor of today’s return.6 The results of this regression analysis indicated insignificant
correlation, as shown in the statistical summary below. In other words, CCME’s stock price
followed a “random walk” and satisfied the criteria for weak-form efficiency.
Regression Statistics
Coefficients
Standard Error
t Stat
Multiple R
0.0808
Intercept
(0.0007)
0.0036
(0.1847)
R Square
0.0065
CCME (t-1)
(0.0809)
0.0648
(1.2486)
Adjusted R Square
0.0023
Standard Error
0.0556
Observations
239
14. The “Multiple R,” commonly expressed as “r” is the correlation coefficient and
measures the strength of the relationship between two variables. It assumes a value of -1 (perfect
negative correlation) to +1 (perfect positive correlation), thus values around zero show no
meaningful correlation.7 In this case, the correlation is only .08, indicating weak correlation. The
“R Square” shown in the preceding table is the measure of the “goodness of fit” of the model, and
defines how much of the variation in CCME’s stock price return each day is explained by the
variation in the preceding trading date’s returns. It assumes a value between 0, indicating no
predictive value in the equation, and 1, indicating perfect predictive value. In this case, the R-
square was 0.0065, or 0.65 percent, indicating that less than one percent of the variability in
CCME’s daily stock price returns was explained by its return on the prior day. The absolute value
of the T-statistic for the one-day lag return coefficient (x variable) is substantially less than 1.96,
6 My analysis uses the daily and one-day lag logarithmic returns for the Class Period, a methodology consistent with a
test for autocorrelation set forth in the previously cited Fama article, “Efficient Capital Markets: A Review of Theory
and Empirical Work.”
7 See, e.g.: https://statistics.laerd.com/statistical-guides/pearson-correlation-coefficient-statistical-guide.php.
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which is the threshold for statistical significance at the 95 percent confidence level, meaning the
one-day lag returns are not a reliable predictor of the daily returns. Thus, based on this analysis,
there is sufficient empirical evidence to conclude that CCME’s successive price changes were
independent and therefore the market for CCME common stock was weak-form efficient during
the Class Period.8
15. At the other end of the spectrum is the perfectly efficient market, also known as
“strong-form efficient,” where prices reflect all information about a stock, including non-public
information. Market participants and academics generally agree that strong-form efficiency is an
ideal, with very little real-world existence.9 I will therefore turn my attention to the issue of
whether the market for CCME common stock was semi-strong form efficient, the applicable
foundation for the Fraud on the Market Theory.
16. In markets that are semi-strong efficient stock prices reflect all publicly available
information.10 The speed with which security prices adjust to new information depends upon the
nature of the new information and how quickly investors are able to digest the implications of the
information. I agree with Dr. Fama and others that the rapid inclusion of new, relevant
information in the price of a security is a reliable indication of market efficiency:
The typical result in event studies on daily data is that, on average, stock prices seem to
adjust within a day to event announcements. The result is so common that this work now
devotes little space to market efficiency. The fact that quick adjustment is consistent with
efficiency is noted, and then the studies move on to other issues.11
8 I also performed the same statistical test for two sub-periods during the Class Period, when CCME common stock
was listed on the NYSE Amex (April 1, 2010 – June 2, 2010; 43 observations) and the period when it was listed on the
NASDAQ Global Select market (June 3, 2010 – March 11, 2011; 196 observations). The results were consistent with
the results for the Class Period as a whole – no indication of dependent successive price changes.
9 See, e.g.: Jensen, Michael C. “Some Anomalous Evidence Regarding Market Efficiency.” Journal of Financial
Economics, Vol. 6, Nos. 2/3 (1978) 95-101.
10 Fama, Eugene F. “Efficient Capital Markets: A Review of Theory and Empirical Work,” p.383.
11 Fama, Eugene F. “Efficient Capital Markets II.” Journal of Finance 46, no. 5 (1991): 1575–1617.
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17. The remainder of my discussions and opinions regarding the efficiency of the market
for CCME common stock during the Class Period refer to efficiency in the semi-strong form. As
discussed in detail below, it is my opinion that during the Class Period, the market for CCME
common stock met the criteria for semi-strong efficiency.
V.
Examination of the Cammer Factors and Additional Indicators of Market Efficiency
18. A number of courts have relied upon the existence of certain criteria that are indicative
of an efficient market for a particular security. For example, the court in Cammer v. Bloom, 711
F. Supp. 1264, (D.N.J. 1989), an often-cited case on the issue of market efficiency, discussed five
characteristics that were positively related to an inference of market efficiency:
a.
an active trading market; turnover measured by average weekly trading of two
percent or more of the outstanding shares would justify a strong presumption that
the market for the security is an efficient one; one percent would justify a
substantial presumption;
b.
a significant number of securities analysts following and reporting on the subject
security;
c.
the presence of numerous market makers;
d.
the ability of the Company to file a Form S-3 Registration Statement in connection
with public offerings; and
e.
the existence of empirical facts showing a cause and effect relationship between
unexpected corporate events and financial releases and an immediate response in
the stock price.
19. In my opinion, the first four factors are descriptive of the structural foundation for
liquidity and the availability of information, but the most important is the fifth factor, which tests
the cause and effect relationship between the dissemination of new, relevant information and
changes in the stock price.
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20. Various courts have considered three more factors in addition to the five Cammer
factors when determining efficiency:12
a.
the Company’s market capitalization;
b.
float, the percentage of shares held by the public rather than insiders; and
c.
the bid-ask spread for stock sales.
21. The remainder of my Declaration will discuss the efficiency of the market for CCME
common stock during the Class Period in the context of these eight factors.
VI.
Review Of Market Efficiency Factors for CCME Common Stock During the Class
Period
A.
CCME Common Stock Was Actively Traded
22. Share trading activity in CCME common stock was substantial and easily exceeded
the thresholds set forth in Cammer: that turnover measured by average weekly trading of two
percent or more of the outstanding shares would justify a strong presumption that the market for
the security is an efficient one; and that one percent would justify a substantial presumption.
23. I examined the trading volume of CCME common stock during the Class Period in
order to ascertain whether the market could properly be characterized as active. The reported
trading volume of CCME common stock during the Class Period was 298,909,347 shares, or a
weekly average of approximately six million shares. Based on the reported volume and the
average number of CCME common shares outstanding at month-end during the Class Period (34
million), the average weekly turnover of CCME common stock during the Class Period was 17.0
12 In Teamsters Local 445 Freight Division Pension Fund v. Bombardier, Inc., 2006 U.S. Dist. LEXIS 52991,at *22-
24 (S.D. N.Y. Aug. 1, 2006), Judge Scheindlin observed that courts “typically consult some or all” of the 5 Cammer
factors and 3 additional factors from the economic literature in determining market efficiency. On appeal, the Second
Circuit Court of Appeals also referred to these 8 factors as being “routinely applied,” while pointing out that it has not
adopted a particular test for market efficiency. Teamsters Local 445 Freight Division Pension Fund v. Bombardier,
Inc., 2008 U.S. App. LEXIS 21498.
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percent of the shares outstanding.13 Trading volume during the week ended February 4, 2011 was
extremely high, coincident with negative information disseminated on January 31, 2011 and
February 3, 2011 by Citron Research and Muddy Waters Research, respectively. I eliminated that
week’s volume from my calculations and recalculated the turnover, arriving at average weekly
volume of approximately five million shares and turnover of 14.3 percent. The weekly volume
and turnover are set forth graphically in Exhibit F attached.
24. It is my opinion that the large turnover in CCME common stock during the Class
Period supports a finding that the market was efficient.
B.
Security Analysts Published Research Reports on CCME During the Class Period
25. Cammer does not specifically quantify what constitutes a “significant” number of
analysts. In this case, during the Class Period there were two securities firms publishing research
reports about CCME – Global Hunter Securities (“GH”) and Northland Securities (“Northland”).
GH initiated coverage of CCME with a “buy” rating on July 1, 2010 and issued at least four
additional reports prior to March 11, 2011. Northland initiated coverage with a “buy” rating on
July 28, 2010 and issued at least two additional reports before the end of the Class Period. In
addition to these analyst reports, CCME was also mentioned in several reports by analysts
covering other Chinese media companies.
26. In addition to GH and Northland, analysts from Citron Research and Muddy Waters
Research issued investigative reports that partially corrected the allegedly misleading information
in the market about CCME’s financial condition and the nature of its operations. Further, analysts
13 One academic paper suggests reported trading volume on NASDAQ might be overstated by as much as 38 percent,
as compared to volume reporting on the NYSE. Even adjusting for a reduction of such magnitude, turnover in
CCME’s shares was in excess of ten percent. (See, e.g.: Anderson, Anne-Marie and Dyl, Edward Alexander, “Trading
Volume: NASDAQ and the NYSE, Financial Analysts Journal, Vol. 63, No. 3, pp.79-86, (2007.)
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from financial blogs such as Seeking Alpha routinely disseminated information about the
Company and commented on events and CCME’s stock price.
27. The Company hosted regular teleconferences for analysts and other investors in
conjunction with the release of its quarterly financial results. As evidenced by the transcripts of
these calls, on March 23, 2010, May 14, 2010, August 13, 2010, and November 8, 2010, numerous
analysts participated in the Q&A sessions, posing questions regarding the Company’s earnings
momentum, strategy, exchange listing status, and plans for expansion, among others. In addition
to GH and Northland, participants included, for example analysts from: MK Capital, SPAC
Analytics, and Equinox Capital.
28. In addition, CCME made numerous presentations at investor conferences hosted by
large brokerage firms including: BoA Merrill Lynch, Rodman & Renshaw, Piper Jaffray and Roth
Capital Partners (see table below.)
Conference Name
Date
Location
Rodman & Renshaw China Investment Conference
3/8/2010
Beijing
Roth Capital Annual OC Growth Stock Conference
3/16/2010
Dana Point, CA
Piper Jaffray China Growth Conference
5/13/2010
New York, NY
Global Hunter Securities 2010 China Conference
7/13/2010
San Francisco, CA
Brean Murray Global Consumer Conference
10/4/2010
New York, NY
Citigroup 2010 Greater China Investor Conference
10/20 - 10/22/10
Macau
BoA Merrill Lynch China Investment Summit
11/3 - 11/5/10
Beijing
29. Although the Company was not followed by big-name Wall Street research firms,
there was wide coverage of Company-specific activities, pro-active efforts to interact with the
investment community through conferences and teleconferences, and keen interest and
participation by analysts and investors. In my opinion, the analyst coverage of CCME is
consistent with a finding of market efficiency for its common stock.
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C.
CCME Common Stock Traded Through Numerous Market Makers During The
Class Period
30. Cammer, in quoting Bromberg & Lowenfels states, “We think that, at a minimum,
there should be a presumption – probably conditional for class determination – that certain markets
are developed and efficient for virtually all the securities traded there: the new York and
American Stock Exchanges, the Chicago Board Options Exchange and the NASDAQ National
Market System.”14,15 As previously discussed, CCME common stock was listed on the NYSE
Amex and NASDAQ Global Select Market during the Class Period.16 Academic research has
confirmed that listing on NASDAQ confers a relative liquidity advantage on a security.17
31. Cammer also discussed that for certain securities such as “for the over the counter
markets without volume reporting,” it might be important to weigh the number of market makers
in assessing the efficiency of the market. It provides that ten market makers would justify
substantial presumption of efficiency, while five would justify a more modest presumption.
Clearly, with a listed security for which price and volume discovery is readily available the
quantum of market makers is less relevant.
32. Over the course of the Class Period, there were more than 200 firms making a market
in CCME common stock, with 21 firms each that accounted for at least one percent of the reported
trading in CCME common stock.18 These figures compare favorably with the average number of
market makers for NASDAQ securities, in general, which was approximately 16 during the Class
14 Cammer v. Bloom, 711 F. Supp 1264 (D.N.J. 1989) at 79.
15 Bromberg & Lowenfels, 4 Securities Fraud and Commodities Fraud, § 8.6 (Aug. 1988).
16 On July 1, 2006 the NASDAQ National Market was renamed the NASDAQ Global Market. At that time, it also
created the NASDAQ Global Select Market which has the most stringent initial listing standards of NASDAQ.
17 See, for example, Gregory C. Sanger and John J. McConnell, ‘Stock Exchange Listings, Firm Value, and Security
Market Efficiency: The Impact of NASDAQ,” Journal of Financial and Quantitative Analysis, Vol. 21, No. 1 March
1986, pp. 1-25.
18 Bloomberg L.P. is the source of these data on market maker activity.
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Period.19 A list of market makers for CCME common stock which accounted for at least one
percent of reported trading volume during the Class Period is attached as Exhibit G.
33. In my opinion, the prevalence of competing market makers in CCME common stock
during the Class Period weighs in favor of a finding that there was an efficient market for this
security.
D.
CCME Was Eligible to File, and Filed, Form S-3 Registration Statements In
Connection With Public Offerings During The Class Period
34. One of the Cammer factors indicative of the breadth of information in the market
about a company is the company’s ability to file a Form S-3 Registration Statement when it effects
a public offering of its securities. In 1982, the Securities and Exchange Commission adopted a
comprehensive revision to the rules and forms governing the registration of securities under the
Securities Act of 1933 which allowed certain filers to deliver registration documents on a
“streamlined” basis, if sufficient information was already in the public market regarding that
company.20
Form S-3, in reliance on the efficient market theory, allows maximum use of
incorporation by reference of Exchange Act reports and requires the least disclosure
to be presented in the prospectus and delivered to investors. Generally, the Form S-
3 prospectus will present the same transaction-specific information as will be
presented in a Form S-1 or S-2 prospectus. Information concerning the registrant
will be incorporated by reference from Exchange Act reports. The prospectus will
not be required to present any information concerning the registrant unless there has
been a material change in the registrant's affairs which has not been reported in an
Exchange Act filing or the Exchange Act reports incorporated by reference do not
reflect certain restated financial statements or other financial information.21
(Emphasis added)
19 http://www.nasdaqtrader.com/Trader.aspx?id=MonthlyMarketSummary. This average includes market makers
which account for less than one percent of activity.
20 SEC Release No. 33-6383 (March 3, 1982) [47 FR 11380].
21 Ibid.
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35. Prior to and during the Class Period, CCME was eligible to file Form S-3 Registration
Statements with the SEC. It did so: 1) on December 16, 2009, in connection with the registration
of approximately 13 million common shares and half a million common stock purchase warrants;
and 2) on August 16, 2010, followed by an amendment on October 5, 2010, in connection with the
registration of approximately 2.1 million common shares. The Company’s eligibility to file a
Form S-3 Registration Statement when effecting public offerings of its securities is consistent with
the market efficiency factor set forth in Cammer and the efficient market theory according to the
framework established by the SEC.
E.
CCME’s Equity Market Capitalization During the Class Period Ranged from
Approximately $292 Million to $585 Million
36. Market capitalization has been cited by various courts as an indicator of market
efficiency, however an objective threshold has not been quantified. There were approximately 33
million shares of CCME common stock outstanding at the beginning of the Class Period, rising to
approximately 37 million between the beginning and the end of the Class Period. CCME’s equity
market capitalization (shares outstanding multiplied by the market price) ranged from $292 million
to $585 million and averaged approximately $422 million.
37. To place these figures in context, during the Class Period, CCME’s market
capitalization placed it between the eighth and ninth deciles of the universe of all companies
trading on the NYSE, AMEX and NASDAQ at about this time.22 Other NASDAQ stocks with
similar market capitalizations at the time included, for example, footwear manufacturer K-Swiss,
Inc. ($395 million), internet software company RealNetworks, Inc. ($446 million), and menswear
manufacturer Perry Ellis International, Inc. ($285 million). As shown in the chart below 40
22 Source: Ibbotson® SBBI® 2011 Valuation Yearbook, p.84 and inside back cover. The range of market
capitalization for eighth decile companies was $478 million - $772 million; ninth decile $236 million - $478 million.
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percent of the universe had larger market capitalization and 36 percent had smaller market
capitalization than companies in the eighth and ninth deciles, as shown in the table below.
Number
Percent
Larger/
Decile
of Companies
of Total
Smaller
1-Largest
168
4.6%
2
181
5.0%
3
187
5.2%
4
185
5.1%
5
213
5.9%
6
230
6.3%
7
287
7.9%
40.0%
8
361
10.0%
9
491
13.6%
10-Smallest
1,320
36.4%
36.4%
38. In my opinion CCME’s market capitalization was sufficiently large that it would not
have been an impediment to attracting investors and to a finding of market efficiency.
F.
CCME’s Common Stock Was Widely Held
39. It is generally accepted that a high level of public common stock ownership
contributes to a finding of market efficiency due to the notion that the more widely-held a stock is
the greater likelihood that information about the company is widely disseminated and reflected in
the stock price. CCME’s “insiders,” including Thousand Space Holdings and Bright Elite
Management, owned between 57 and 69 percent of the shares outstanding during the Class Period,
or, inversely, the public float ranged from 31 to 43 percent.
40. Generally, the sophistication level of holders is also important, as institutional
investors, including banks, pension funds, hedge funds, and mutual funds, are considered to be
“professional” investors who deploy significant resources, employing analysts, researchers and
other specialists to closely monitor and analyze economic and industry conditions as well as
individual companies and securities. Large institutional equity investors are required to file
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quarterly reports listing their holdings with the Securities and Exchange Commission (“SEC”).23
As of the quarter ended December 31, 2010, there were more than 60 institutions that reported
owning a stake in CCME, including such investors as Bank of America Merrill Lynch, Morgan
Stanley, CALPERS, and Vanguard. Attached as Exhibit H is a list of the reporting institutional
ownership as of that date. The table below shows the share ownership by insiders and reporting
institutions at quarters-end throughout the Class Period.
Estimated 3
3/31/2010
6/30/2010
9/30/2010
12/31/20102
3/31/2011
Shares Outstanding
33,275,517
33,290,552
34,290,552
36,902,209
36,902,209
Insider Holdings1
22,858,500
22,633,500
22,633,500
21,098,906
21,098,906
Public Float
10,417,017
10,657,052
11,657,052
15,803,303
15,803,303
Public Float as % Shares Outstanding
31.3%
32.0%
34.0%
42.8%
42.8%
Shares Held by Reporting Institutions
6,434,136
8,310,537
9,081,346
13,157,155
13,146,519
Institutions as % Public Float
61.8%
78.0%
77.9%
83.3%
83.2%
1 Insiders include: Zheng Cheng, Thousand Space Holdings, Bright Elite Management, Theodore Green, John Hyde, Jonathan Miller, Jacky Wai Kei Lam,
Malcolm Bird, Dorothy Dong
2 CCME did not file a 10-K for the year ended 12/31/10. Share balance as of 12/6/10 reported in Proxy Statement filed 12/13/10.
3 No disclosure of shares outstanding later than 12/13/10; assumes shares constant.
Shares Outstanding and Ownership At Quarters-end
(sources: CCME public filings; Thomson Reuters)
41. Although the majority of CCME’s shares were held by insiders during the Class
Period, there was sufficient ownership by institutional investors, and active participation on their
behalf, to demonstrate that the market for the shares was “impersonal” and “well-developed,” as
described by the United States Supreme Court in Basic Inc. v. Levinson, to justifying a finding that
the market for a particular stock was efficient.24
23 Institutional investment managers that use the United States mail (or other means or instrumentality of interstate
commerce) in the course of their business and that exercise investment discretion over $100 million or more in Section
13(f) securities (generally exchange-traded (e.g., NYSE, AMEX) or NASDAQ-quoted stocks, equity options and
warrants, shares of closed-end investment companies, and certain convertible debt securities) must file Form 13F. See
Section 13(f)(1) of the Securities Exchange Act.
24 See Basic, 485 U.S. 224 (1988) at 241,249 n.28.
21
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G.
CCME’s Bid-Ask Spread Was Narrow
42. The bid-ask spread is a trading cost extracted by liquidity providers in the market for
securities. It is the “difference between what a buyer will pay and what the seller will receive, at
the same point in time and for the same asset…”25 The size of the spread often determines the
“quality” of the market.26 High trading costs, reflected by relatively wider bid-ask spreads,
dampen liquidity and reduce market quality. Narrow bid-ask spreads are a sign that trading costs
are low, and the market is liquid and efficient. Studies have shown that the bid-ask spread is
negatively correlated with price level, trading volume, and the number of market makers.27
43. In order to measure the bid-ask spread for CCME common stock, I obtained closing
bid and ask prices for the stock during the Class Period from Bloomberg L.P. As shown in Exhibit
I, on a dollar basis, the average bid-ask spread for CCME common stock during this period of time
was $0.03 per share. Measured as a percent of the midpoint of the closing bid and ask prices, the
average closing bid-ask spread for CCME common stock was 0.27 percent, or less than one-half of
one percent.28
44. I wanted to compare CCME’s bid-ask spread to a contemporaneous sample of other
NASDAQ companies with similar market capitalizations. I obtained a list of the stocks that
comprised the NASDAQ Composite Index as of June 30, 2010. Academic research in this area
supports that bid-ask spreads are highly correlated with firm size, and that, in general, larger
capitalization stocks tend to have relatively lower bid-ask spreads than lower capitalization
25 Bernstein, Peter L. and Damodaran, Aswath, Investment Management, John Wiley & Sons (1998), Chapter 11.
26 See, e.g.: Bessembinder, Hendrik, and Venkataraman, Kumar, “Bid-Ask Spreads: Measuring Trade Execution
Costs in Financial Markets,” Encyclopedia of Quantitative Finance, March 2009.
27 Investment Management, p. 264.
28 The methodology I employed to calculate the spread is: (ask price – bid price)/ mid price. Mid price is the average
of the bid and ask prices. This methodology is set forth in a number of academic papers on bid-ask spreads.
22
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stocks.29 On this premise, I constructed a sample of the 60 members of the NASDAQ Composite
Index with market capitalizations between $350 million and $400 million. I obtained the closing
bid and ask prices for these stocks during the Class Period. On average, the bid-ask spread for this
sample was 0.51 percent, nearly two times greater than the bid-ask spread for CCME common
stock. These results are set forth in Exhibit J.
45. In summary, my analysis and research confirms the fact that the closing bid-ask spread
for CCME common stock during the Class Period was smaller in magnitude than the average of 60
NASDAQ stocks which were similarly sized. Therefore, it is my opinion that CCME’s relatively
narrow bid-ask spread is indicative that the shares traded in an efficient market during the Class
Period.
H.
Empirical Facts Show a Cause and Effect Relationship Between Unexpected
Corporate Events and a Rapid Response in CCME’s Common Stock Price
46. Financial economists generally agree that the most telling indication of market
efficiency is whether the price of a security responds rapidly to new, relevant information. In
order to test whether or not the price of CCME common stock responded rapidly to new
information, I conducted an Event Study. Fama, Fisher, Jensen and Roll pioneered the use of
Event Studies in their 1969 paper regarding the adjustment of stock prices to announcements of
stock splits.30 Event Studies involve the examination of stock price behavior following
announcements of relevant events. The subject stock price return is typically compared to a
“normal” or “expected” return, which might be defined by a regression equation. In my Event
Studies here, I have used daily stock price data and limited the “event window” to a single day.
29 Chung, K.H., Zhang, H. “A simple approximation of intraday spreads using daily data,” Journal of Financial
Markets (2013, http://dx.doi.org/10.1016/j.finmar.2013.02.004.
30 Fama, Eugene F., Fisher, Lawrence, Jensen, Michael C., and Roll, Richard, “The Adjustment of Stock Prices to
New Information,” International Economic Review, Vol. 10, No. 1, February 1969.
23
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When the announcement of an event can be dated to the day, daily data allow precise
measurement of the speed of the stock-price response – the central issue for market
efficiency.31
47. Generally, the first step of an Event Study involves identification of the events of
interest and definition of the event window. For example, A. Craig MacKinlay explains that if one
were concerned about the information content of corporate earnings announcements, the event will
be the earnings announcement and the event window will be confined to the announcement day.32
The next step involves forming a hypothesis as to whether or not the information is important
enough to change the market’s perception as to the value of the stock – i.e. is it economically
significant. The final step involves measuring the “abnormal” price return. This is generally done
using a “market model,” which predicts, based on the relationship between normal stock price
returns and a market or industry index, the stock’s return on an event day. The abnormal or excess
price return is the difference between the expected return and the actual return. Finally, the
abnormal return is tested to determine whether there was a significant price response to the new
information.
48. I first conducted a search of the news archives for CCME, by ticker, on the Bloomberg
L.P. terminal during the period October 1, 2009 through May 31, 2011. I also conducted a search
of Dow Jones Factiva for articles where CCME, either by name or ticker, appeared in the headline,
the article, or both. These searches produced more than 2000 pages of articles during the Class
Period where CCME was the subject of the article or mentioned in the article. I entered the
articles chronologically in a spreadsheet next to the stock price, noting the time of the release if
provided, and I also entered the dates upon which CCME made filings with the SEC. This “event
chronology” is attached as Exhibit K.
31 Fama, Eugene F., “Efficient Capital Markets: II,” The Journal of Finance, Vol. 46, No. 5, December 1991.
32 MacKinlay, A. Craig, “Event Studies in Economics and Finance,” Journal of Economic Literature Vol. 35, No. 1
(1997), pp. 13-39.
24
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49. Without any regard to the price movement of CCME common stock, I identified a
total of 26 days, between April 1, 2010 and March 10, 2011, on which there was information
entering the market that was potentially likely to have been viewed as material news at the time it
was announced.33 These events included disclosures made directly by CCME, such as earnings
announcements and information related to the company’s capital structure, as well as other
Company-specific events including analyst commentary and changes in investment
recommendations. I have classified these as “news days.”
50. In addition to the occurrences of material news dates, there were numerous other
dates on which CCME-specific news entered the market, either through company press releases,
SEC filings, or external commentary by industry participants. This category included all the other
information that, in my opinion, was not “economically relevant” and thus would not be likely to
alter the total mix of information and change the stock price in a significant way.34 I have
identified 70 such dates. Finally, I have identified 142 dates during the Class Period where my
search did not turn up any news items. I have classified the 212 non-material news and no-news
dates, collectively, as “no-news days.”
51. If the market for CCME common stock during the Class Period was efficient, the
number of abnormal returns on material information days (“news days”) should be significantly
greater than the number of abnormal returns on days when no material news entered the market
(“non-news days”). The premise behind this analysis is set forth in a peer reviewed article by,
33 There were a total of 238 observations (days) between April 1, 2010 and March 10, 2011. I did not include March
11, 2011 because the stock was halted for trading prior to the close on that day and the returns I used in this analysis
were from close-to-close.
34 For example, oftentimes a news item is repeated throughout the day and/or carries over to the following day.
Repetitive information would not, in my opinion, be expected to move a stock price.
25
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among others, persons who typically serve as experts for defendants in litigations such as this
one.35
52. The next step involves the creation of a market model which defines the linear
relationship between the daily returns to CCME common stock and a benchmark for the stock
market overall. A market model such as the one that I employed here is a generally accepted,
widely used method to obtain estimates of abnormal returns. I performed a regression analysis of
the daily stock price returns to CCME common stock and the NASDAQ Composite Index for the
period April 1, 2010 through March 10, 2011, removing the returns on the 26 “news days.” The
regression equation appears below:
Regression Statistics
Coefficients
Standard Error
t Stat
Multiple R
0.3742
Intercept
(0.0035)
0.0026
(1.3185)
R Square
0.1400
Nasdaq
1.2175
0.2082
5.8479
Adjusted R Square
0.1359
Standard Error
0.0383
Observations
212
53. Using the coefficients from the regression equation, and the returns to the NASDAQ
Composite Index, I calculated a predicted return for CCME common stock for all the news and
non-news days. I subtracted the actual return from the predicted return to arrive at the abnormal
return on each day. I employed standard statistical tests to test for significant abnormal returns,
meaning the abnormal return was statistically different from zero. If the abnormal return was
statistically significant at the 95 percent level,36 having a t-statistic of 1.96 or greater, then I
35 Ferrillo, Paul A., Dunbar, Frederick C., Tabak, David, “The ‘Less Than’ Efficient Capital Markets Hypothesis:
Requiring More Proof From Plaintiffs In Fraud-On-The-Market Cases,” St. John’s Law Review, Vol. 78, Winter 2004,
pps. 81 – 129.
36 This refers to the two “tails” of data under the far left and far right of a bell-shaped curve. 95 percent of the area
under the bell curve occurs within approximately two standard deviations of the mean, with 2.5 percent remaining on
the far left and 2.5 percent remaining on the far right.
26
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concluded that a company-specific event may have occurred on that day, independent of changes
in the stock market overall.37
54. Of the 238 days I tested, there were 11 statistically significant abnormal returns on
“news days,” or 42 percent (11/26 = .423); and 14 statistically significant abnormal returns on
“non-news days,” or 7 percent (14/212 = .066). Thus, it was 6 times more likely that a statistically
significant abnormal return was observed on days when material information about CCME entered
the market than on “no-news days.”
55. The 11 statistically significant abnormal returns on “news days” is much higher than
would be expected in a random sampling of days without important news. On 26 randomly
selected non-material news dates, at the 95 percent confidence level one would expect to observe
one statistically significant abnormal return (.05 x 26 = 1.3), not 11, which is what occurred on
“news days” during the Class Period.
56. Further, I tested the difference between the percentage of significant abnormal returns
for “news days” (42 percent) and “no-news days” (7 percent) to determine whether that difference
was statistically different from zero. The results show that given two random samples of days, one
would expect to find such a large difference zero percent of the time, meaning, at greater than 99
percent confidence, the difference between 42 percent and 7 percent was statistically significant,
and not due to chance alone.
57. In my opinion, this analysis provides solid statistical proof that CCME’s stock price
responded rapidly to new, relevant information, and did not display significant price changes,
overall, in the absence of new, relevant information. The average absolute abnormal return on
“news days” was 8.9 percent, more than 3x greater than the 2.7 percent return on “non-news days.”
37 A t-statistic of 1.96 or greater indicates that such a residual return was independent of the benchmark index with 95
percent confidence.
27
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58. Further, I reviewed the results of my analysis for the dates on which Plaintiffs allege
that Defendants made misrepresentations and/or there were disclosures of partially-curative
information during the period April 1, 2010 to March 10, 2011. The Complaint lists eight such
dates.38 I observed statistically significant abnormal returns on four of the eight days (50 percent)
as compared to a single significant abnormal return one would expect with a random sample of
eight observations.39 Partially-curative information entered the market on two of the eight
Complaint days – January 31, 2011 and February 3, 2011. The abnormal negative returns on each
of these days were statistically significant at greater than 95 percent confidence.
59. Some examples of statistically significant abnormal return days when unexpected,
relevant information entered the market appear below:
a.
On July 12, 2010, CCME increased its previously issued guidance for 2010 net
income from $71-$75 million to $82-$85 million.
CCME’s common stock price increased that day by $1.03 per share, an abnormal
return of 11 percent.
A Bloomberg News article that day said, “China MediaExpress Holdings Inc.
(CCME US) jumped 11 percent, the most since May 11, to $10.60. The television
advertising operator boosted its 2010 forecast, saying it expects to earn at least $82
million. The company had previously projected $75 million at most.” BN, July 12,
2010, 16:22:09
b. On November 8, 2010, CCME reported financial results for Q3 that were above
expectations and again increased previously issued earnings guidance for 2010.
Reported Q3 net income of $0.81 per share was significantly above analysts’
consensus estimate of $0.60 per share. CCME also revised earnings guidance from
$82-$85 million to $100-104 million, which would reflect an increase over 2009
reported net income of approximately $60 million, or 145 percent.
CCME’s common stock price increased $1.64 per share, reflecting an abnormal
return of 8.7 percent on trading volume of more than 4 million shares.
38 Again, excluding March 11, 2011, during which trading was halted.
39 I would not generally expect to observe statistically significant abnormal returns on days where the allegedly false
information on that day was consistent with prior representations and/or there was an omission of material
information.
28
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c.
On January 31, 2011, CCME’s stock price fell by $3.02 per share after Citron
Research published a report questioning CCME’s management, financial results,
and lack of transparency:
Management claims the company has grown faster and produced more cash flow
than any other US listed Chinese media company over the last 4 years. In spite of
having spent a mere fraction of what competitors have on infrastructure, CCME has
purportedly grown profits from $2M to to [sic] its recently raised guidance of $85M
expected this year, on revenues of $200 million. Over the last 8 quarters, CCME
reported generating $95 million of cash flow after all CAPEX and for-cash
acquisitions. If true, this ROI would be one of the highest in the world, and a
complete outlier in the Chinese advertising market, generating even more profit
than giant Focus Media, and outpacing all of their competition by a landslide,
despite their smaller footprint. There is only one problem: No One in
China Has Ever Heard of Them. It is Citron’s opinion that if this company
were operating in the United States, the stock would have buckled long-ago
over the lack of transparency in its story. [emphasis in original]
The abnormal stock price return that day was negative 14.7 percent, on reported
trading volume of more than 7 million shares.
d. On February 3, 2011, Muddy Waters Research initiated coverage of CCME
common stock with a “strong sell” rating, claiming among other things that the
Company had overstated 2009 revenue by nearly $79 million and that it had fewer
than half of the 27,000 buses it claimed to have.
The price of CCME common stock declined by more than $5.50 per share, from
$16.61 to $11.09 on reported trading volume of 21.6 million shares. The abnormal
negative return was 33.1 percent.
Later that day, Reuters reported as follows: “Shares of China MediaExpress
Holdings Inc sank 33 percent on Thursday after a research report, for the second
time this week, called the company’s financial results into question.” (Reuters
News, February 3, 2011, 18:45)
60. These are just a few examples of CCME’s stock price rapidly incorporating new
information and responding in a directionally appropriate way, demonstrating “a cause and effect
relationship between unexpected corporate events and financial releases and an immediate
response in the stock price,” (Cammer, 711 F. Supp. At 1287).
29
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61. My Event Studies, including a comparative analysis of CCME’s price returns on
“news days” and “non-news days” provides statistical evidence that the stock traded in an efficient
market, and demonstrates that CCME’s common stock price adjusted rapidly to reflect new,
relevant Company-specific information.
VII.
Summary and Conclusion
62. It is my opinion that CCME commons stock traded in an efficient market during the
Class Period. My opinion is supported by the analyses and observations detailed above, including
that:
a.
the price of CCME common stock followed a “random walk” and was not
predictable by past prices alone;
b. CCME common stock was actively traded and exhibited significant turnover of
shares during the Class Period;
c.
There is evidence that the stock was followed by the investment community and
information about the Company was readily available;
d. CCME common stock was listed and traded on the NYSE Amex and NASDAQ
Global Select Market during the Class Period;
e.
CCME was qualified to issue securities by way of a “short-form” registration
statement (i.e. Form S-3) and indeed filed such a registration during the Class
Period;
f.
CCME’s equity market capitalization during the Class Period ranged from
approximately $292 million to $585 million;
g. A comparative analysis demonstrates that CCME’s bid-ask spread was narrow and
smaller than those of similarly sized NASDAQ stocks; and
h. Using an Event Study analysis, the prevalence of statistically significant abnormal
returns on days when material information entered the market as compared to “no-
news days” conclusively demonstrated that CCME’s common stock price rapidly
reflected new, relevant publicly available information concerning the Company.
30
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EXHIBIT A
32
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Materials Reviewed and Relied Upon
Court Documents
1.
Amended and Consolidated Complaint filed 10/24/11
2. Decision and Order dated 2/28/13
Precedent Court Opinions
3. Basic v. Levinson, 485 U.S. 224, 241-42 (1988)
4. Cammer v. Bloom, 711 Supp. 1264 (D.N.J. 1989)
SEC Filings for CCME
5. DEFM 14A 10/5/09
6. DEF 14A 12/13/10
7. Form 10-Qs: 9/30/09; 3/31/10; 6/30/10; 9/30/10
8. Form 10-K 12/31/09
9. Forms S-3: 12/16/09; 8/16/10; 10/5/10
Data for CCME Common Stock and Other Market Data
10. Daily stock price and trading volume from Bloomberg L.P.
11. Daily closing bid price and ask price from Bloomberg L.P.
12. Weekly trading volume from Bloomberg L.P.
13. Holdings by reporting institutions and Company insiders from Thomson Reuters
14. Market makers from Bloomberg L.P.
15. Components of NASDAQ Composite Index as of 6/30/10
16. Daily closing bid and ask prices for selected components of NASDAQ Composite Index
17. Daily index level closing prices for NASDAQ Composite Index
News
18. News articles from Bloomberg L.P. news archives (search by ticker for period October 1,
2009 – May 31, 2011)
19. News articles from Dow Jones Factiva (search by ticker and company name for period
October 1, 2009 – May 31, 2011)
20. “The End of CCME's Fairy Tale” March 12, 2011, Seeking Alpha,
http://seekingalpha.com/article/257896-the-end-of-ccmes-fairy-tale
21. “China MediaExpress: China's Hidden Gem, Part 1” May 13, 2010, Seeking Alpha,
http://seekingalpha.com/article/205019-china-mediaexpress-chinas-hidden-gem-part-1
22. “China MediaExpress: China's Hidden Gem, Part 2” May 13, 2010, Seeking Alpha,
http://seekingalpha.com/article/205022-china-mediaexpress-chinas-hidden-gem-part-2
23. “China MediaExpress: Groundwork, Research, And Videos to Disprove Allegations”
February 3, 2011, Seeking Alpha, http://seekingalpha.com/article/250498-china-
mediaexpress-groundwork-research-and-videos-to-disprove-allegations
33
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24. “Greenberg: Was Research Firm Hoodwinked?” March 3, 2011, CNBC.com
http://www.cnbc.com/id/41776841
25. “Is China MediaExpress A Fraud? Part 1” February 7, 2011, Forbes.com,
http://www.forbes.com/sites/benzingainsights/2011/02/07/is-china-mediaexpress-a-fraud-
part-1/
26. “China MediaExpress: The Burden of a Low Share Price” September 19, 2010, Seeking
Alpha, http://seekingalpha.com/article/225922-china-mediaexpress-the-burden-of-a-low-
share-price
27. “Unable to Verify Customer Mentioned in Global Hunter Report on China
MediaExpress” February 25, 2011, Seeking Alpha,
http://seekingalpha.com/instablog/847862-the-skeptical-investor/141780-unable-to-
verify-customer-mentioned-in-global-hunter-report-on-china-mediaexpress
28. “The Anatomy of a Chinese Fraud Stock” November 25, 2011, Wall Street Daily,
http://www.wallstreetdaily.com/2011/11/25/chinese-fraud-stock/
29. “Another Day… Another Chinese Scam Stock” March 16, 2011, Wall Street Daily,
http://www.wallstreetdaily.com/2011/03/16/china-mediaexpress-scam-stock/
30. China MediaExpress (CCME) Rises as Founder Rebuts Short-Seller Allegations”
February 7, 2011, StreetInsider.com,
http://www.streetinsider.com/Momentum+Movers/China+MediaExpress+%28CCME%2
9+Rises+as+Founder+Rebuts+Short-Seller+Allegations/6264065.html
31. CEO Letter to Shareholders, February 7, 2011, available at CCME’s Investor Relations
website: http://www.ccme.tv/eng/ir/irprofile.php
32. “Global Hunter Securities Initiates Coverage of China MediaExpress (CCME) with a
Buy; Rapid Growth and Compelling Valuation” July 1, 2010, StreetInsider.com,
http://www.streetinsider.com/New+Coverage/Global+Hunter+Securities+Initiates+Cover
age+of+China+MediaExpress+%28CCME%29+with+a+Buy%3B+Rapid+Growth+and+
Compelling+Valuation/5774058.html
33. “Global Hunter Securities Reiterates a 'Buy' Rating on China MediaExpress (CCME);
Raises PT” August 16, 2010, StreetInsider.com,
http://www.streetinsider.com/Analyst+Comments/Global+Hunter+Securities+Reiterates+
a+Buy+Rating+on+China+MediaExpress+%28CCME%29%3B+Raises+PT/5898072.ht
ml
34. “Global Hunter Securities Downgrades China MediaExpress (CCME) to Accumulate”
November 9, 2010, StreetInsider.com,
http://www.streetinsider.com/Downgrades/Global+Hunter+Securities+Downgrades+Chin
a+MediaExpress+%28CCME%29+to+Accumulate/6088243.html
35. “Global Hunter Securities Upgrades China MediaExpress (CCME) to Buy; Valuation
Becomes More Attractive After Shares Decline” December 6, 2010, StreetInsider.com,
http://www.streetinsider.com/Upgrades/Global+Hunter+Securities+Upgrades+China+Me
diaExpress+%28CCME%29+to+Buy%3B+Valuation+Becomes+More+Attractive+After
+Shares+Decline/6144842.html
36. “Global Hunter Securities Suspends Coverage On China MediaExpress (CCME)” March
15, 2011, StreetInsider.com,
http://www.streetinsider.com/Analyst+Comments/Global+Hunter+Securities+Suspends+
Coverage+On+China+MediaExpress+%28CCME%29/6368549.html
34
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37. “Northland Securities reiterated China MediaExpress Holdings Inc: AMEX:CCME
quotes & news (AMEX: CCME) to Outperform with price target $32” November 8,
2010, GainersToday.com, http://www.gainerstoday.com/article-78038
Analyst Reports
38. Muddy Waters, LLC, February 3, 2011, “CCME: Taking the Short Bus to Profits”
39. Citron Research, January 30, 2011, “Citron Research Reports on China Media Express”
40. Muddy Waters, LLC, March 2, 2011, “CCME Research Report”
Academic Articles, Research, Texts
41. Anderson, Anne-Marie and Dyl, Edward Alexander, “Trading Volume: NASDAQ and
the NYSE, Financial Analysts Journal, Vol. 63, No. 3, pp.79-86, (2007)
42. Bernstein, Peter L. and Damodaran, Aswath, Investment Management, John Wiley &
Sons (1998), Chapter 11
43. Bessembinder, Hendrik, and Venkataraman, Kumar, “Bid-Ask Spreads: Measuring Trade
Execution Costs in Financial Markets,” Encyclopedia of Quantitative Finance, March
2009
44. Chung, K.H., Zhang, H. “A simple approximation of intraday spreads using daily data,”
Journal of Financial Markets (2013, http://dx.doi.org/10.1016/j.finmar.2013.02.004
45. Fama, Eugene F., “Random Walks in Stock Market Prices,” Financial Analysts Journal,
Vol. 21, September/October 1965, pp. 55-60
46. Fama, Eugene F., Fisher, Lawrence, Jensen, Michael C., and Roll, Richard, “The
Adjustment of Stock Prices to New Information,” International Economic Review, Vol.
10, No. 1, February 1969
47. Fama, Eugene F., “Efficient Capital Markets: A Review of Theory and Empirical Work,”
The Journal of Finance, Vol. 25, No. 2, Papers and Proceedings of the Twenty-eight
Annual Meeting of the American Finance Association New York, N.Y. December, 28-30,
1969 (May, 1970), 383-417
48. Fama, Eugene F. “Efficient Capital Markets II.” Journal of Finance 46, no. 5 (1991), pp.
1575–1617
49. Ferrillo, Paul A., Dunbar, Frederick C., Tabak, David, “The ‘Less Than’ Efficient Capital
Markets Hypothesis: Requiring More Proof From Plaintiffs In Fraud-On-The-Market
Cases,” St. John’s Law Review, Vol. 78, Winter 2004, pp. 81 – 129
50. Gregory C. Sanger and John J. McConnell, ‘Stock Exchange Listings, Firm Value, and
Security Market Efficiency: The Impact of NASDAQ,” Journal of Financial and
Quantitative Analysis, Vol. 21, No. 1 March 1986, pp. 1-25
51. Ibbotson® SBBI® 2011 Valuation Yearbook, p.84 and inside back cover
52. Jensen, Michael C. “Some Anomalous Evidence Regarding Market Efficiency.” Journal
of Financial Economics, Vol. 6, Nos. 2/3 (1978) 95-101
53. MacKinlay, A. Craig, “Event Studies in Economics and Finance,” Journal of Economic
Literature Vol. 35, No. 1 (1997), pp. 13-39
54. Malkiel, Burton G., “The Efficient Market Hypothesis and Its Critics,” Journal of
Economic Perspectives, Vol.17, Number 1, (2003), pp. 59-82.
35
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EXHIBIT B
36
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CYNTHIA L. JONES, CFA
Financial Markets Analysis, LLC
103 Carnegie Center, Suite 206
Princeton, NJ 08540
(609) 452-9500
cjones@fmavalue.com
PROFESSIONAL EXPERIENCE
Financial Markets Analysis, LLC, Princeton, New Jersey
2001 - Present
Managing Director
Provide broad range of capital markets consulting, valuation and research including economic and
financial valuations of equity and fixed income securities, company and business valuations in
connection with merger transactions, financial dispute resolution, and for corporate purposes.
Quantify economic damages in conjunction with complex business, consumer and securities holder
litigations. Advise institutional investors, individual investors and employee stock plan participants as
to the fairness of consideration offered in merger transactions and tender offers. Structure financial
settlements, evaluate the fairness of consideration paid, and develop equitable plans of allocation.
Trilogy Capital Management, LLC, Princeton, New Jersey
1998 - 2001
Director Marketing and Client Services
Responsible for all aspects of performance attribution and reporting for investment manager and hedge
fund. Oversaw design and development of marketing materials, including investment product brochures,
presentations, CFTC Disclosure Documents, and press releases. Instituted reporting and marketing
programs to enhance client communications. Provided quantitative analyses and assisted portfolio
manager with development of new investment products. Established and facilitated compliance procedures
for all areas of the firm in accordance with regulatory mandates.
Princeton Venture Research, Inc., Princeton, New Jersey
1989 - 1998
Vice President
Project manager responsible for providing financial valuations of securities, as well as publicly-traded
and privately-held companies. Supervised research efforts and developed financial models using
fundamental and quantitative analyses to arrive at fair market value opinions. Assisted Investment
Banking department in their financing engagements. Prepared presentations for key clientele.
Shared responsibility for training and development of junior analysts.
Prudential Securities, Inc., Princeton, New Jersey
1988 - 1989
Assistant to Sr. Vice-President
Assisted investment manager in implementing equity, fixed income, and commodity transactions.
Responsible for accurate trade execution and reporting and client account review. Attained
FINRA/NFA Series 3 license (National Commodity Futures).
Merrill Lynch, Somerset, New Jersey
1987 - 1988
Client Service Representative
Handled high volume of inquiries and transactions for investment account which serviced retail
investors and ESOPs of major U.S. corporations. Attained FINRA Series 7 license (General
Securities Representative).
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Cynthia L. Jones, CFA (continued)
EDUCATION
Rutgers University Graduate School of Management, New Brunswick, New Jersey
Master of Business Administration (Finance concentration)
North Carolina State University, Raleigh, North Carolina
B.A. Economics and Business
Chartered Financial Analyst designation
PROFESSIONAL AFFILIATIONS AND ACTIVITIES
CFA Institute - Member
Volunteer member of Hearing Panel Pool for Disciplinary Review Committee
New York Society of Security Analysts - Member
CFA Society of Philadelphia - Member
Volunteer mentor for Global Investment Research Challenge collegiate team
North Carolina State University Office of Undergraduate Admissions – Pack Partners
Volunteer College Fair Representative
Rutgers School of Business – Camden
Guest Lecturer Program
Rutgers Law School – Camden
Guest Lecturer Program
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EXHIBIT C
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Cynthia L. Jones, CFA
Prior Reports and Testimony
In re: Merrill Lynch & Co., Inc. Research Reports Securities Litigation
02-MDL-1484
U.S. District Court Southern District of New York
October, 2006: Rebuttal Declaration on Damages
Dennis Rice v. Lafarge North America, Inc. and Sheldon and Esther Schwartz v. Lafarge
North America, Inc., et al.
Civil No. 268974-V
Civil No. 270410-V
Circuit Court for Montgomery County, Maryland
November, 2006: Declaration in Support of Settlement
Call 4U, Ltd. v. Reddy Ice Holdings, Inc.
No. 199-02240-07
District Court 199th Judicial District Collin County, Texas
September, 2007: Affidavit regarding Value
In re: Healthsouth Corporation Securities Litigation
Master File No. CV-03-BE-1500-S
U.S. District Court Northern District of Alabama, Southern Division
December, 2007: Declaration regarding Plan of Allocation
In re: Countrywide Corporation Shareholders Litigation
No. 3464-VCN
Court of Chancery in the State of Delaware
May, 2008: Deposition
In re: General Motors Corporation ERISA Litigation
U.S. District Court, Eastern District of Michigan
Civil Action No. 05-71085
May, 2008: Report in Support of Settlement
July, 2008: Supplemental Report
In re: OCA, Inc. Securities and Derivative Litigation
U.S. District Court, Eastern District of Louisiana
Master File No. 05-2165
September, 2008: Declaration in Support of Settlement and Plan of Allocation
In re: Loral Space & Communications Shareholders’ Securities Litigation
U.S. District Court, Southern District of New York
Index No. 03 CV 8262 (JES)
February, 2009: Declaration in Support of the Settlement Plan of Allocation
40
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In re: European Aeronautic Defense & Space Securities Litigation
U.S. District Court, Southern District of New York
No. 08 Civ. 5389 (GEL)
March, 2009: Declaration in support of Lead Plaintiffs Memorandum of Law in
Opposition to Defendants’ Motion to Dismiss for Lack of Subject Matter Jurisdiction
In re: Cedar Fair, L.P. Securities Litigation
In The Common Pleas Court of Erie County Ohio
Case No: 2009CV1069
February 2010: Affidavit in Support of Plaintiffs’ Motion for Preliminary Injunction
In re: Centex Corporation Shareholder Class Action Litigation
In the District Court of Dallas County, Texas, 160th Judicial District
Cause No.: 09-4396
May 2010: Declaration in Support of Settlement
In re: BlueLinx Holdings Inc. Shareholder Litigation
In the Supreme Court of the State of New York, County of New York
Index No. 651270/2010
October 1, 2010: Affidavit in Support of Motion for Preliminary Injunction
In re: PET DRx Corporation Shareholder Litigation
In the Chancery Court for Williamson County, Tennessee
Civil Action No. 38538
March 16, 2011: Declaration in Support of Settlement
In re: IMS Health, Inc. Shareholder Litigation
In the Superior Court, Complex Litigation Docket at Stamford
Docket No: X08-CV09-5013139-S
March 21, 2011: Declaration in Support of Settlement
In re: Pamrapo Bancorp Shareholder Litigation
Superior Court of New Jersey, Hudson County, Chancery Division – General Equity
Lead Docket No. C-89-09
April 5, 2011: Declaration in Support of Settlement
In re: LaserCard Corporation Shareholders Litigation
In the Court of Chancery of the State of Delaware
C.A. No. 6106 – VCP
June 7, 2011: Affidavit in Support of Settlement
In re: AMAG Pharmaceuticals, Inc. Shareholders Litigation
In the Court of Chancery of the State of Delaware
C.A. No. 6784-VCN
October 4, 2011: Affidavit
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In re: China Natural Gas, Inc., Shareholders Litigation
In the United States District Court for the District of Delaware
December 2, 2011: Declaration (regarding implications of NASDAQ delisting)
In re: Rural/Metro Corporation Shareholders Litigation
In the Court of Chancery of the State of Delaware
January 11, 2012: Affidavit of Cynthia L. Jones (rebuttal to Objector’s Affidavit)
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EXHIBIT D
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Factor
Summary of Factor
CCME Shares
Cammer I: Average Weekly Trading Volume
An active trading market; turnover measured by average weekly trading of
two percent or more of the outstanding shares would justify a strong
presumption that the market for the security is an efficient one; one percent
would justify a substantial presumption.
The average weekly turnover during the Class Period eliminating the week of
February 4, 2011, was 14.3 percent, well in excess of the standard 2 percent
threshold.
Cammer II: Analyst Coverage
A significant number of securities analysts following and reporting on the
subject security. Cammer does not specifically quantify what constitutes a
"significant" number of analysts.
Two analysts published reports on CCME but wide coverage of Company-
specific activities, pro-active efforts to interact with the investment
community through conferences and teleconferences, and keen interest and
participation by analysts and investors.
Cammer III: Market Makers
The presence of numerous market makers. Academic research has confirmed
that listing on the NASDAQ confers a relative liquidity advantage on a
security. Cammer provides that 10 market makers would justify presumption
of efficiency, while five would justify a more modest presumption.
During the Class Period, there were more than 200 firms making a market in
CCME common stock, with 16 firms each that accounted for at least 1
percent of the reported trading in CCME common stock. These figures
compare favorably with the average number of market makers for NASDAQ
securities, which was approximately 16 during the Class Period.
Cammer IV: SEC Form S-3 Eligibility
The ability of the Company to file a Form S-3 in connection with public
offerings.
CCME was eligible and filed an S-3 Registration Statements with the SEC on
December 16, 2009, August 16, 2010, and an S-3/A on October 5, 2010.
Cammer V: Price Reaction to New Information
The existence of empirical facts showing cause and effect relationship
between unexpected corporate events and financial releases and an immediate
response in the stock price. Cammer says this is the "essence of an efficient
market and the foundation for the fraud on the market theory."
The event study analyses provide strong evidence that CCME's stock price
responded rapidly to new, relevant information, and did not display
significant price changes, overall, in the absence of new, relevant information.
Market Capitalization
Market capitalization has been cited by various courts as an indicator of
market efficiency, however an objective threshold has not been quantified.
CCME's equity market capitalization ranged from $292 million to $585
million, placing it between the eighth and ninth deciles of the universe of all
companies on the NYSE, AMEX, and NASDAQ. CCME's market
capitalization was sufficiently large to attract investors.
Bid-Ask Spread
A narrow bid-ask spread signals that trading costs are low, and the market is
liquid and efficient. High trading costs reflect wider spreads and dampen
liquidity, reducing the "quality" of the market.
CCME's average closing bid ask spread was .27 percent. This compares to
the sample of 60 members of the NASDAQ composite Index of similarly
sized firms, whom bid-ask spreads average .51 percent.
Institutional Holdings
It is generally accepted that a high level of public common stock ownership
contributes to a finding of market efficiency due to the notion that the more
widely-held a stock is the greater likelihood that information about the
company is widely disseminated.
The public float ranged from 31 percent to 43 percent. Although majority of
shares were held by insiders during the Class Period, there was sufficient
ownership by institutional investors, and active participation on their behalf,
to demonstrate that the market for the shares was "impersonal" and "well-
developed."
Autocorrelation
If autocorrelation is persistent and sufficiently large that one could earn
systematic profits, after trading costs, by taking advantage of the non-random
price movements, it suggests a violation of weak-form market efficiency.
CCME's stock returns were independent and there was no evidence of
consistent autocorrelation.
Summary of Efficiency Factors for CCME Common Shares
China MediaExpress Holdings, Inc.
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EXHIBIT E
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NASDAQ Global Select Market: Financial Requirements
Companies must meet all of the criteria under at least one of the four financial standards below and
the applicable liquidity requirements on the next page. These requirements apply to listing the primary
class of securities for an operating company. Refer to our Listing Rules for specific requirements as
they pertain to closed end funds, structured products and secondary classes.
Financial
Requirements
Standard 1:
Earnings
Standard 2:
Capitalization
with Cash Flow
Standard 3:
Capitalization
with Revenue
Standard 4:
Assets with
Equity
Listing Rules
5315(e) and
5315(f)(3)(A)
5315(e) and
5315(f)(3)(B)
5315(e) and
5315(f)(3)(C)
5315(e) and
5315(f)(3)(D)
Pre-Tax Earnings
(income from
continuing
operations before
income taxes)
Aggregate in
prior three fiscal
years > $11
million
and
Each of the prior
three fiscal years
> $0
and
Each of the two
most recent fiscal
years >
$2.2 million
---
---
---
Cash Flows
---
Aggregate in
prior three fiscal
years >
$27.5 million
and
Each of the prior
three fiscal years
> $0
---
---
Market
Capitalization
---
Average > $550
million over prior
12 months
Average > $850
million over prior
12 months
$160 million
Revenue
---
Previous fiscal
year > $110
million
Previous fiscal
year >
$90 million
---
Total Assets
---
---
---
$80 million
Stockholders’
Equity
---
---
---
$55 million
Bid Price
$4
$4
$4
$4
MAY 2013
THE NASDAQ OMX GROUP, INC. 6
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NASDAQ Global Select Market: Liquidity Requirements
Liquidity
Requirements
Initial Public
Offerings and
Spin-Off
Companies
Seasoned
Companies:
Currently
Trading
Common Stock
or Equivalents
Affiliated
Companies
Listing Rule
Round Lot
Shareholders
or
Total Shareholders
or
Total Shareholders
and
Average Monthly
Trading Volume over
Past Twelve Months
450
or
2,200
450
or
2,200
or
550
and
1.1 million
450
or
2,200
or
550
and
1.1 million
5315(f)(1)
Publicly Held Shares
1,250,000
1,250,000
1,250,000
5315(e)(2)
Market Value of
Publicly Held Shares
or
Market Value of
Publicly Held Shares
and
Stockholders’ Equity
$45 million
$110 million
or
$100 million
and
$110 million
$45 million
5315(f)(2)
MAY 2013
THE NASDAQ OMX GROUP, INC. 7
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EXHIBIT F
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CCMECommonStock
AverageWeeklyTradingVolumeasPercentageofSharesOutstanding
April2,2010 March11,2011*
80%
90%
60%
70%
40%
50%
WeeklyTurnover
CCMECPAverage
StrongPresumption
30%
*Datapointforweekended2/4/11omitted fromaveragecalculationandgraph;turnoverwas147%thatweek.
10%
20%
0%
4/2/2010
5/2/2010
6/2/2010
7/2/2010
8/2/2010
9/2/2010
10/2/2010
11/2/2010
12/2/2010
1/2/2011
2/2/2011
3/2/2011
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EXHIBIT G
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Code
Name
GrossVolume
%ReportedVol.
1 WEDB WEDBUSH MORGAN SECURITIES INC.
22,574,706
14.4%
2 NITE
KNIGHT EQUITY MARKETS, L.P.
17,365,503
11.0%
3 UBSS
UBS SECURITIES LLC.
15,622,658
9.9%
4 CDRG
CITADEL SECURITIES LLC
12,148,004
7.7%
5 LIME
LIME BROKERAGE LLC
8,078,076
5.1%
6 FOMA AMERITRADE, INC.
7,939,888
5.0%
7 SBSH
CITIGROUP GLOBAL MARKETS INC.
6,275,905
4.0%
8 LEHM
BARCLAYS CAPITAL INC.
6,173,570
3.9%
9 MSCO
MORGAN STANLEY & CO., INCORPOR
5,859,526
3.7%
10 GSCO
GOLDMAN SACHS
5,032,518
3.2%
11 PFAL
Penson Financial Services, Inc.
5,029,887
3.2%
12 MLCO
MERRILL LYNCH
4,589,920
2.9%
13 ETCC
Electronic Transaction Clearing, Inc.
3,097,220
2.0%
14 IBKR
INTERACTIVE BROKERS LLC
2,224,388
1.4%
15 PERT
PERSHING TRADING COMPANY L.P.
2,105,216
1.3%
16 NFSC
NATIONAL FINANCIAL SERVICES LL
1,976,520
1.3%
17 INCA
INSTINET CORPORATION
1,923,158
1.2%
18 PFDU
Penson Financial Services, Inc.
1,893,818
1.2%
19 FBCO
CREDIT SUISSE FIRST BOSTON LLC
1,705,147
1.1%
20 SSIC
SCOTTRADE, INC.
1,661,362
1.1%
21 ETRS
E*TRADE CLEARING LLC
1,592,644
1.0%
China MediaExpress Holdings, Inc.
Market Makers Accounting for at least 1 Percent of Reported Trading Volume
Period: April 2010 - March 2011
Source: Bloomberg L.P.
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EXHIBIT H
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Investor Name
Shares
Investor Sub-Type
C.V. Starr & Co., Inc.
3,045,455 Insurance Company
Kimball & Winthrop, Inc.
2,500,078 Hedge Fund
Malibu Partners, L.L.C.
1,817,650 Corporation
D. E. Shaw & Co., L.P.
928,046 Hedge Fund
The Vanguard Group, Inc.
611,905 Investment Advisor
Two Sigma Investments, LLC
464,337 Hedge Fund
OxFORD Asset Management
393,047 Hedge Fund
Birmiwal Asset Management, Inc.
292,438 Investment Advisor
OppenheimerFunds, Inc.
273,214 Investment Advisor
Riverside Advisors, LLC
266,800 Hedge Fund
Perella Weinberg Partners Capital Management LP
250,000 Investment Advisor/Hedge Fund
Straus Capital Management, L.L.C.
217,500 Hedge Fund
Scotia Asset Management L.P.
185,000 Investment Advisor
Capital Guardian Trust Company
151,673 Bank and Trust
Starr International Company, Inc.
150,000 Holding Company
California Public Employees' Retirement System
148,800 Pension Fund
Morgan Stanley & Co. LLC
130,180 Research Firm
Group One Trading, L.P.
121,567 Investment Advisor
Jane Street Capital, L.L.C.
109,558 Research Firm
Barclays Capital Inc.
92,736 Research Firm
Jacobs Levy Equity Management, Inc.
92,446 Investment Advisor/Hedge Fund
Catalyst Capital Advisors, LLC
71,263 Investment Advisor
Invesco PowerShares Capital Management LLC
66,499 Investment Advisor
Goldman Sachs & Company, Inc.
66,297 Research Firm
Citadel Investment Group, L.L.C.
64,861 Hedge Fund
Susquehanna Financial Group, LLLP
56,805 Research Firm
Artis Capital Management, L.P.
50,900 Hedge Fund
Laidlaw Group, LLC
49,755 Investment Advisor/Hedge Fund
Bank of America Merrill Lynch (US)
44,454 Research Firm
Spark Investment Management LLC
38,100 Hedge Fund
BlackRock Institutional Trust Company, N.A.
37,695 Investment Advisor
Zacks Investment Management, Inc.
36,033 Investment Advisor/Hedge Fund
Millennium Management LLC
34 739 Hedge Fund
CCME Common Stock Holdings by Reporting Institutions
Source: Thomson Reuters
Quarter Ended 12/31/10
Millennium Management LLC
34,739 Hedge Fund
Marketocracy Capital Management, LLC
28,400 Investment Advisor
Reyl & Cie S.A.
27,024 Investment Advisor/Hedge Fund
Stafford Asset Management LLC
22,684 Hedge Fund
Aldebaran Investments, L.L.C.
21,381 Hedge Fund
Deere & Company
21,244 Pension Fund
Virginia Retirement System
19,200 Pension Fund
Guerrilla Capital Management, LLC
18,275 Hedge Fund
Three Zero Three Capital Partners LLC
13,295 Hedge Fund
S.A.C. Capital Advisors, LP
13,073 Hedge Fund
Bascom Hill Partners, LLC
12,500 Hedge Fund
WESPAC Advisors LLC
10,660 Investment Advisor
Goldman Sachs Asset Management (US)
10,547 Investment Advisor
Wells Fargo Advisors
10,064 Research Firm
ClariVest Asset Management LLC
9,446 Investment Advisor
UBS Securities LLC
9,405 Research Firm
Morgan Stanley Wealth Management
7,602 Investment Advisor
Parr Financial Group, LLC
6,000 Investment Advisor
Matrix 360 Advisor, LLC
6,000 Investment Advisor
Wegener, LLC
5,800 Investment Advisor
Black River Asset Management LLC
5,600 Hedge Fund
Mawer Investment Management Ltd.
4,800 Investment Advisor
Geode Capital Management, L.L.C.
4,205 Investment Advisor/Hedge Fund
Guggenheim Funds Investment Advisors, LLC
3,150 Investment Advisor/Hedge Fund
Deutsche Asset Management Americas
1,726 Investment Advisor/Hedge Fund
U.S. Bancorp Asset Management, Inc.
1,700 Investment Advisor
Diversified Trust Company
1,000 Investment Advisor
First Allied Securities Inc.
1,000 Research Firm
Deutsche Bank Securities Inc.
600 Research Firm
RBC Capital Markets Wealth Management
460 Research Firm
Arrowstreet Capital, Limited Partnership
400 Investment Advisor/Hedge Fund
Total (reported in excess of 100 shares)
13,157,072
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EXHIBIT I
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Date
Bid
Ask
Mid
Spread %
Spread $
4/1/2010
12.95
$
13.10
$
13.03
$
1.2%
0.15
$
4/5/2010
12.31
$
12.37
$
12.34
$
0.5%
0.06
$
4/6/2010
12.37
$
12.39
$
12.38
$
0.2%
0.02
$
4/7/2010
12.68
$
12.73
$
12.71
$
0.4%
0.05
$
4/8/2010
12.77
$
12.83
$
12.80
$
0.5%
0.06
$
4/9/2010
12.78
$
12.83
$
12.81
$
0.4%
0.05
$
4/12/2010
12.93
$
12.99
$
12.96
$
0.5%
0.06
$
4/13/2010
12.81
$
12.85
$
12.83
$
0.3%
0.04
$
4/14/2010
12.76
$
12.80
$
12.78
$
0.3%
0.04
$
4/15/2010
12.48
$
12.52
$
12.50
$
0.3%
0.04
$
4/16/2010
12.52
$
12.58
$
12.55
$
0.5%
0.06
$
4/19/2010
12.18
$
12.18
$
12.18
$
0.0%
-
$
4/20/2010
12.45
$
12.51
$
12.48
$
0.5%
0.06
$
4/21/2010
12.25
$
12.27
$
12.26
$
0.2%
0.02
$
4/22/2010
12.10
$
12.15
$
12.13
$
0.4%
0.05
$
4/23/2010
12.21
$
12.27
$
12.24
$
0.5%
0.06
$
4/26/2010
12.26
$
12.28
$
12.27
$
0.2%
0.02
$
4/27/2010
12.25
$
12.32
$
12.29
$
0.6%
0.07
$
4/28/2010
12.71
$
12.87
$
12.79
$
1.3%
0.16
$
4/29/2010
13.11
$
13.16
$
13.14
$
0.4%
0.05
$
4/30/2010
13.00
$
13.04
$
13.02
$
0.3%
0.04
$
5/3/2010
13.15
$
13.22
$
13.19
$
0.5%
0.07
$
5/4/2010
12.37
$
12.45
$
12.41
$
0.6%
0.08
$
5/5/2010
12.09
$
12.13
$
12.11
$
0.3%
0.04
$
5/6/2010
11.40
$
11.38
$
11.39
$
-0.2%
(0.02)
$
5/7/2010
10.90
$
10.96
$
10.93
$
0.5%
0.06
$
5/10/2010
11.45
$
11.48
$
11.47
$
0.3%
0.03
$
5/11/2010
13.21
$
13.25
$
13.23
$
0.3%
0.04
$
5/12/2010
13.25
$
13.32
$
13.29
$
0.5%
0.07
$
5/13/2010
13.54
$
13.63
$
13.59
$
0.7%
0.09
$
5/14/2010
13.00
$
12.89
$
12.95
$
-0.8%
(0.11)
$
5/17/2010
12.88
$
12.92
$
12.90
$
0.3%
0.04
$
5/18/2010
12.79
$
12.82
$
12.81
$
0.2%
0.03
$
5/19/2010
12.71
$
12.74
$
12.73
$
0.2%
0.03
$
5/20/2010
11.57
$
11.60
$
11.59
$
0.3%
0.03
$
5/21/2010
12.12
$
12.18
$
12.15
$
0.5%
0.06
$
5/24/2010
12.66
$
12.75
$
12.71
$
0.7%
0.09
$
5/25/2010
12.54
$
12.54
$
12.54
$
0.0%
-
$
5/26/2010
12.93
$
12.96
$
12.95
$
0.2%
0.03
$
5/27/2010
13.19
$
13.23
$
13.21
$
0.3%
0.04
$
5/28/2010
13.16
$
13.23
$
13.20
$
0.5%
0.07
$
6/1/2010
12.53
$
12.62
$
12.58
$
0.7%
0.09
$
6/2/2010
12.84
$
12.89
$
12.87
$
0.4%
0.05
$
6/3/2010
12.63
$
12.72
$
12.68
$
0.7%
0.09
$
6/4/2010
12.20
$
12.24
$
12.22
$
0.3%
0.04
$
6/7/2010
12.02
$
12.10
$
12.06
$
0.7%
0.08
$
6/8/2010
12.10
$
12.15
$
12.13
$
0.4%
0.05
$
6/9/2010
11.86
$
11.90
$
11.88
$
0.3%
0.04
$
6/10/2010
12.08
$
12.10
$
12.09
$
0.2%
0.02
$
6/11/2010
11.88
$
11.91
$
11.90
$
0.3%
0.03
$
6/14/2010
11.96
$
12.02
$
11.99
$
0.5%
0.06
$
6/15/2010
11.99
$
12.02
$
12.01
$
0.2%
0.03
$
6/16/2010
11.95
$
11.98
$
11.97
$
0.3%
0.03
$
6/17/2010
11.69
$
11.70
$
11.70
$
0.1%
0.01
$
6/18/2010
11.76
$
11.80
$
11.78
$
0.3%
0.04
$
6/21/2010
11.63
$
11.67
$
11.65
$
0.3%
0.04
$
6/22/2010
11.58
$
11.59
$
11.59
$
0.1%
0.01
$
6/23/2010
11.47
$
11.58
$
11.53
$
1.0%
0.11
$
6/24/2010
11.28
$
11.33
$
11.31
$
0.4%
0.05
$
6/25/2010
10.97
$
11.00
$
10.99
$
0.3%
0.03
$
6/28/2010
10.32
$
10.34
$
10.33
$
0.2%
0.02
$
6/29/2010
8.98
$
9.01
$
9.00
$
0.3%
0.03
$
6/30/2010
8.74
$
8.77
$
8.76
$
0.3%
0.03
$
7/1/2010
9.05
$
9.09
$
9.07
$
0.4%
0.04
$
7/2/2010
8.84
$
8.90
$
8.87
$
0.7%
0.06
$
7/6/2010
8.86
$
8.90
$
8.88
$
0.5%
0.04
$
7/7/2010
8.73
$
8.76
$
8.75
$
0.3%
0.03
$
7/8/2010
9.03
$
9.06
$
9.05
$
0.3%
0.03
$
7/9/2010
9.58
$
9.61
$
9.60
$
0.3%
0.03
$
7/12/2010
10.52
$
10.62
$
10.57
$
0.9%
0.10
$
7/13/2010
10.28
$
10.30
$
10.29
$
0.2%
0.02
$
7/14/2010
10.30
$
10.35
$
10.33
$
0.5%
0.05
$
7/15/2010
10.19
$
10.23
$
10.21
$
0.4%
0.04
$
7/16/2010
9.67
$
9.69
$
9.68
$
0.2%
0.02
$
7/19/2010
9.47
$
9.49
$
9.48
$
0.2%
0.02
$
7/20/2010
9.50
$
9.55
$
9.53
$
0.5%
0.05
$
7/21/2010
9.39
$
9.40
$
9.40
$
0.1%
0.01
$
7/22/2010
9.91
$
9.96
$
9.94
$
0.5%
0.05
$
7/23/2010
10.65
$
10.68
$
10.67
$
0.3%
0.03
$
7/26/2010
10.90
$
10.95
$
10.93
$
0.5%
0.05
$
7/27/2010
10.77
$
10.82
$
10.80
$
0.5%
0.05
$
China MediaExpress Holdings, Inc.
Bid-Ask Spread (Source: Bloomberg L.P.)
55
Case 1:21-md-02989-CMA Document 583-5 Entered on FLSD Docket 06/28/2023 Page 51 of
77
Date
Bid
Ask
Mid
Spread %
Spread $
China MediaExpress Holdings, Inc.
Bid-Ask Spread (Source: Bloomberg L.P.)
7/28/2010
10.65
$
10.66
$
10.66
$
0.1%
0.01
$
7/29/2010
10.10
$
10.12
$
10.11
$
0.2%
0.02
$
7/30/2010
10.22
$
10.26
$
10.24
$
0.4%
0.04
$
8/2/2010
10.28
$
10.33
$
10.31
$
0.5%
0.05
$
8/3/2010
10.17
$
10.19
$
10.18
$
0.2%
0.02
$
8/4/2010
10.12
$
10.17
$
10.15
$
0.5%
0.05
$
8/5/2010
10.13
$
10.16
$
10.15
$
0.3%
0.03
$
8/6/2010
10.20
$
10.25
$
10.23
$
0.5%
0.05
$
8/9/2010
10.14
$
10.19
$
10.17
$
0.5%
0.05
$
8/10/2010
10.44
$
10.45
$
10.45
$
0.1%
0.01
$
8/11/2010
10.89
$
10.92
$
10.91
$
0.3%
0.03
$
8/12/2010
10.78
$
10.84
$
10.81
$
0.6%
0.06
$
8/13/2010
10.66
$
10.68
$
10.67
$
0.2%
0.02
$
8/16/2010
11.23
$
11.26
$
11.25
$
0.3%
0.03
$
8/17/2010
11.15
$
11.16
$
11.16
$
0.1%
0.01
$
8/18/2010
10.87
$
10.90
$
10.89
$
0.3%
0.03
$
8/19/2010
10.55
$
10.59
$
10.57
$
0.4%
0.04
$
8/20/2010
10.18
$
10.20
$
10.19
$
0.2%
0.02
$
8/23/2010
9.62
$
9.65
$
9.64
$
0.3%
0.03
$
8/24/2010
9.16
$
9.20
$
9.18
$
0.4%
0.04
$
8/25/2010
9.07
$
9.11
$
9.09
$
0.4%
0.04
$
8/26/2010
8.89
$
8.90
$
8.90
$
0.1%
0.01
$
8/27/2010
9.02
$
9.05
$
9.04
$
0.3%
0.03
$
8/30/2010
9.20
$
9.23
$
9.22
$
0.3%
0.03
$
8/31/2010
8.49
$
8.53
$
8.51
$
0.5%
0.04
$
9/1/2010
8.85
$
8.87
$
8.86
$
0.2%
0.02
$
9/2/2010
9.43
$
9.44
$
9.44
$
0.1%
0.01
$
9/3/2010
9.61
$
9.63
$
9.62
$
0.2%
0.02
$
9/7/2010
9.29
$
9.30
$
9.30
$
0.1%
0.01
$
9/8/2010
9.44
$
9.45
$
9.45
$
0.1%
0.01
$
9/9/2010
9.17
$
9.20
$
9.19
$
0.3%
0.03
$
9/10/2010
9.20
$
9.21
$
9.21
$
0.1%
0.01
$
9/13/2010
9.00
$
9.03
$
9.02
$
0.3%
0.03
$
9/14/2010
8.63
$
8.70
$
8.67
$
0.8%
0.07
$
9/15/2010
7.85
$
7.92
$
7.89
$
0.9%
0.07
$
9/16/2010
8.62
$
8.64
$
8.63
$
0.2%
0.02
$
9/17/2010
8.08
$
8.10
$
8.09
$
0.2%
0.02
$
9/20/2010
8.78
$
8.79
$
8.79
$
0.1%
0.01
$
9/21/2010
8.22
$
8.26
$
8.24
$
0.5%
0.04
$
9/22/2010
8.13
$
8.18
$
8.16
$
0.6%
0.05
$
9/23/2010
8.16
$
8.18
$
8.17
$
0.2%
0.02
$
9/24/2010
8.45
$
8.47
$
8.46
$
0.2%
0.02
$
9/27/2010
9.13
$
9.14
$
9.14
$
0.1%
0.01
$
9/28/2010
9.47
$
9.49
$
9.48
$
0.2%
0.02
$
9/29/2010
10.06
$
10.09
$
10.08
$
0.3%
0.03
$
9/30/2010
10.18
$
10.20
$
10.19
$
0.2%
0.02
$
10/1/2010
9.99
$
10.01
$
10.00
$
0.2%
0.02
$
10/4/2010
9.65
$
9.69
$
9.67
$
0.4%
0.04
$
10/5/2010
9.98
$
9.99
$
9.99
$
0.1%
0.01
$
10/6/2010
9.99
$
10.03
$
10.01
$
0.4%
0.04
$
10/7/2010
10.58
$
10.61
$
10.60
$
0.3%
0.03
$
10/8/2010
10.75
$
10.76
$
10.76
$
0.1%
0.01
$
10/11/2010
11.26
$
11.28
$
11.27
$
0.2%
0.02
$
10/12/2010
12.26
$
12.28
$
12.27
$
0.2%
0.02
$
10/13/2010
13.23
$
13.27
$
13.25
$
0.3%
0.04
$
10/14/2010
14.01
$
14.03
$
14.02
$
0.1%
0.02
$
10/15/2010
16.13
$
16.18
$
16.16
$
0.3%
0.05
$
10/18/2010
14.98
$
15.02
$
15.00
$
0.3%
0.04
$
10/19/2010
14.23
$
14.27
$
14.25
$
0.3%
0.04
$
10/20/2010
15.16
$
15.17
$
15.17
$
0.1%
0.01
$
10/21/2010
15.12
$
15.15
$
15.14
$
0.2%
0.03
$
10/22/2010
14.14
$
14.19
$
14.17
$
0.4%
0.05
$
10/25/2010
14.48
$
14.49
$
14.49
$
0.1%
0.01
$
10/26/2010
14.97
$
15.01
$
14.99
$
0.3%
0.04
$
10/27/2010
15.45
$
15.46
$
15.46
$
0.1%
0.01
$
10/28/2010
15.38
$
15.40
$
15.39
$
0.1%
0.02
$
10/29/2010
15.41
$
15.45
$
15.43
$
0.3%
0.04
$
11/1/2010
16.45
$
16.47
$
16.46
$
0.1%
0.02
$
11/2/2010
16.70
$
16.71
$
16.71
$
0.1%
0.01
$
11/3/2010
18.69
$
18.72
$
18.71
$
0.2%
0.03
$
11/4/2010
19.52
$
19.54
$
19.53
$
0.1%
0.02
$
11/5/2010
19.59
$
19.61
$
19.60
$
0.1%
0.02
$
11/8/2010
21.18
$
21.25
$
21.22
$
0.3%
0.07
$
11/9/2010
20.18
$
20.20
$
20.19
$
0.1%
0.02
$
11/10/2010
19.44
$
19.45
$
19.45
$
0.1%
0.01
$
11/11/2010
19.49
$
19.51
$
19.50
$
0.1%
0.02
$
11/12/2010
18.21
$
18.22
$
18.22
$
0.1%
0.01
$
11/15/2010
17.01
$
17.04
$
17.03
$
0.2%
0.03
$
11/16/2010
15.90
$
15.93
$
15.92
$
0.2%
0.03
$
11/17/2010
17.56
$
17.57
$
17.57
$
0.1%
0.01
$
11/18/2010
17.51
$
17.52
$
17.52
$
0.1%
0.01
$
56
Case 1:21-md-02989-CMA Document 583-5 Entered on FLSD Docket 06/28/2023 Page 52 of
77
Date
Bid
Ask
Mid
Spread %
Spread $
China MediaExpress Holdings, Inc.
Bid-Ask Spread (Source: Bloomberg L.P.)
11/19/2010
16.47
$
16.50
$
16.49
$
0.2%
0.03
$
11/22/2010
16.80
$
16.87
$
16.84
$
0.4%
0.07
$
11/23/2010
16.57
$
16.62
$
16.60
$
0.3%
0.05
$
11/24/2010
17.15
$
17.20
$
17.18
$
0.3%
0.05
$
11/26/2010
17.60
$
17.61
$
17.61
$
0.1%
0.01
$
11/29/2010
17.40
$
17.42
$
17.41
$
0.1%
0.02
$
11/30/2010
16.81
$
16.87
$
16.84
$
0.4%
0.06
$
12/1/2010
16.01
$
16.02
$
16.02
$
0.1%
0.01
$
12/2/2010
15.81
$
15.84
$
15.83
$
0.2%
0.03
$
12/3/2010
14.80
$
14.84
$
14.82
$
0.3%
0.04
$
12/6/2010
16.51
$
16.52
$
16.52
$
0.1%
0.01
$
12/7/2010
15.71
$
15.73
$
15.72
$
0.1%
0.02
$
12/8/2010
15.03
$
15.04
$
15.04
$
0.1%
0.01
$
12/9/2010
14.96
$
14.99
$
14.98
$
0.2%
0.03
$
12/10/2010
15.48
$
15.51
$
15.50
$
0.2%
0.03
$
12/13/2010
16.64
$
16.68
$
16.66
$
0.2%
0.04
$
12/14/2010
15.75
$
15.76
$
15.76
$
0.1%
0.01
$
12/15/2010
15.33
$
15.38
$
15.36
$
0.3%
0.05
$
12/16/2010
15.67
$
15.73
$
15.70
$
0.4%
0.06
$
12/17/2010
16.31
$
16.32
$
16.32
$
0.1%
0.01
$
12/20/2010
16.32
$
16.34
$
16.33
$
0.1%
0.02
$
12/21/2010
15.91
$
15.92
$
15.92
$
0.1%
0.01
$
12/22/2010
15.81
$
15.89
$
15.85
$
0.5%
0.08
$
12/23/2010
15.74
$
15.75
$
15.75
$
0.1%
0.01
$
12/27/2010
15.62
$
15.63
$
15.63
$
0.1%
0.01
$
12/28/2010
15.72
$
15.75
$
15.74
$
0.2%
0.03
$
12/29/2010
15.69
$
15.70
$
15.70
$
0.1%
0.01
$
12/30/2010
15.73
$
15.75
$
15.74
$
0.1%
0.02
$
12/31/2010
15.79
$
15.83
$
15.81
$
0.3%
0.04
$
1/3/2011
16.38
$
16.39
$
16.39
$
0.1%
0.01
$
1/4/2011
16.79
$
16.82
$
16.81
$
0.2%
0.03
$
1/5/2011
16.57
$
16.59
$
16.58
$
0.1%
0.02
$
1/6/2011
16.29
$
16.31
$
16.30
$
0.1%
0.02
$
1/7/2011
17.48
$
17.49
$
17.49
$
0.1%
0.01
$
1/10/2011
17.16
$
17.17
$
17.17
$
0.1%
0.01
$
1/11/2011
17.19
$
17.23
$
17.21
$
0.2%
0.04
$
1/12/2011
18.43
$
18.45
$
18.44
$
0.1%
0.02
$
1/13/2011
20.61
$
20.63
$
20.62
$
0.1%
0.02
$
1/14/2011
19.62
$
19.64
$
19.63
$
0.1%
0.02
$
1/18/2011
19.60
$
19.62
$
19.61
$
0.1%
0.02
$
1/19/2011
20.16
$
20.17
$
20.17
$
0.0%
0.01
$
1/20/2011
19.64
$
19.65
$
19.65
$
0.1%
0.01
$
1/21/2011
19.62
$
19.63
$
19.63
$
0.1%
0.01
$
1/24/2011
19.14
$
19.15
$
19.15
$
0.1%
0.01
$
1/25/2011
18.97
$
19.00
$
18.99
$
0.2%
0.03
$
1/26/2011
19.57
$
19.61
$
19.59
$
0.2%
0.04
$
1/27/2011
22.80
$
22.81
$
22.81
$
0.0%
0.01
$
1/28/2011
20.86
$
20.89
$
20.88
$
0.1%
0.03
$
1/31/2011
17.82
$
17.84
$
17.83
$
0.1%
0.02
$
2/1/2011
16.65
$
16.66
$
16.66
$
0.1%
0.01
$
2/2/2011
16.57
$
16.60
$
16.59
$
0.2%
0.03
$
2/3/2011
11.09
$
11.11
$
11.10
$
0.2%
0.02
$
2/4/2011
13.86
$
13.89
$
13.88
$
0.2%
0.03
$
2/7/2011
13.15
$
13.16
$
13.16
$
0.1%
0.01
$
2/8/2011
13.68
$
13.69
$
13.69
$
0.1%
0.01
$
2/9/2011
13.61
$
13.64
$
13.63
$
0.2%
0.03
$
2/10/2011
13.36
$
13.39
$
13.38
$
0.2%
0.03
$
2/11/2011
11.87
$
11.88
$
11.88
$
0.1%
0.01
$
2/14/2011
12.78
$
12.85
$
12.82
$
0.5%
0.07
$
2/15/2011
12.69
$
12.72
$
12.71
$
0.2%
0.03
$
2/16/2011
12.74
$
12.75
$
12.75
$
0.1%
0.01
$
2/17/2011
14.26
$
14.28
$
14.27
$
0.1%
0.02
$
2/18/2011
14.34
$
14.35
$
14.35
$
0.1%
0.01
$
2/22/2011
14.09
$
14.11
$
14.10
$
0.1%
0.02
$
2/23/2011
14.21
$
14.23
$
14.22
$
0.1%
0.02
$
2/24/2011
14.34
$
14.37
$
14.36
$
0.2%
0.03
$
2/25/2011
14.42
$
14.46
$
14.44
$
0.3%
0.04
$
2/28/2011
14.08
$
14.11
$
14.10
$
0.2%
0.03
$
3/1/2011
12.22
$
12.24
$
12.23
$
0.2%
0.02
$
3/2/2011
13.06
$
13.07
$
13.07
$
0.1%
0.01
$
3/3/2011
13.16
$
13.18
$
13.17
$
0.2%
0.02
$
3/4/2011
13.04
$
13.08
$
13.06
$
0.3%
0.04
$
3/7/2011
12.98
$
12.99
$
12.99
$
0.1%
0.01
$
3/8/2011
13.00
$
13.05
$
13.03
$
0.4%
0.05
$
3/9/2011
13.01
$
13.05
$
13.03
$
0.3%
0.04
$
3/10/2011
12.39
$
12.40
$
12.40
$
0.1%
0.01
$
Average:
0.27%
0.03
$
Median:
0.23%
0.03
$
57
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77
EXHIBIT J
58
Case 1:21-md-02989-CMA Document 583-5 Entered on FLSD Docket 06/28/2023 Page 54 of
77
Name
Ticker
Market Cap
Mean
Median
AAON Inc
AAON
399,087,392
$
0.19%
0.17%
Heidrick & Struggles International Inc
HSII
398,627,200
$
0.14%
0.14%
Sun Hydraulics Corp
SNHY
397,707,808
$
0.21%
0.20%
SonoSite Inc
SONO
395,318,208
$
0.14%
0.12%
K-Swiss Inc
KSWS
394,841,088
$
0.18%
0.16%
Hanwha SolarOne Co Ltd
HSOL
393,619,584
$
0.28%
0.20%
Exide Technologies
XIDEQ
393,100,704
$
0.18%
0.17%
Ultratech Inc
UTEK
390,021,216
$
0.16%
0.14%
Limelight Networks Inc
LLNW
387,437,184
$
0.35%
0.26%
RADWARE Ltd
RDWR
387,222,816
$
0.27%
0.19%
National Interstate Corp
NATL
385,139,104
$
0.43%
0.38%
Accuray Inc
ARAY
384,647,904
$
0.26%
0.17%
Trimas Corp
TRS
384,630,720
$
0.33%
0.20%
eResearchTechnology Inc
ERT
384,555,008
$
0.19%
0.15%
G&K Services Inc
GK
383,414,080
$
0.20%
0.19%
Metabolix Inc
MBLX
382,576,992
$
0.26%
0.18%
Community Trust Bancorp Inc
CTBI
382,221,504
$
0.31%
0.28%
Cbeyond Inc
CBEY
381,656,576
$
0.17%
0.13%
Flushing Financial Corp
FFIC
381,051,712
$
0.19%
0.16%
Omnicell Inc
OMCL
380,245,504
$
0.18%
0.15%
NPS Pharmaceuticals Inc
NPSP
379,358,080
$
0.34%
0.24%
Alaska Communications Systems Group InALSK
378,360,000
$
0.17%
0.12%
Exelixis Inc
EXEL
376,758,592
$
0.25%
0.21%
Funtalk China Holdings Ltd
FTLK
375,037,120
$
8.06%
0.86%
Haynes International Inc
HAYN
374,402,016
$
0.22%
0.23%
Rigel Pharmaceuticals Inc
RIGL
374,187,200
$
0.25%
0.14%
United Community Banks Inc/GA
UCBI
372,185,696
$
0.48%
0.39%
Genomic Health Inc
GHDX
372,132,608
$
0.18%
0.14%
California Pizza Kitchen Inc
CPKI
372,081,312
$
0.14%
0.12%
Electro Scientific Industries Inc
ESIO
371,845,888
$
0.30%
0.18%
Inteliquent Inc
IQNT
371,682,592
$
0.13%
0.09%
Wet Seal Inc/The
WTSL
371,347,424
$
0.34%
0.28%
Air Methods Corp
AIRM
370,807,584
$
0.17%
0.16%
Orbotech Ltd
ORBK
370,740,608
$
0.45%
0.35%
Hudson Valley Holding Corp
HVB
370,594,304
$
0.88%
0.49%
Elbit Imaging Ltd
EMITF
369,731,104
$
2.50%
1.92%
Clinical Data Inc
CLDA
369,248,896
$
3.82%
3.82%
Ingles Markets Inc
IMKTA
368,909,472
$
0.41%
0.27%
Quidel Corp
QDEL
366,512,992
$
0.16%
0.13%
Syneron Medical Ltd
ELOS
365,834,400
$
0.26%
0.19%
SMART Modular Technologies WWH Inc SMOD
365,095,488
$
0.20%
0.17%
AngioDynamics Inc
ANGO
364,724,000
$
0.16%
0.13%
T-3 Energy Services Inc
TTES
364,616,800
$
0.15%
0.14%
Spreadtrum Communications Inc
SPRD
364,602,816
$
0.41%
0.30%
Idenix Pharmaceuticals Inc
IDIX
364,285,088
$
0.51%
0.34%
ABIOMED Inc
ABMD
362,353,312
$
0.19%
0.12%
TowneBank/Portsmouth VA
TOWN
361,973,504
$
0.34%
0.27%
Zymogenetics Inc
ZGEN
361,813,600
$
0.23%
0.19%
Dorman Products Inc
DORM
360,859,904
$
0.38%
0.30%
ReachLocal Inc
RLOC
360,089,824
$
1.55%
0.40%
Medidata Solutions Inc
MDSO
358,680,192
$
0.20%
0.13%
Ascent Capital Group Inc
ASCMA
358,280,704
$
0.22%
0.20%
RINO International Corp
RINO
357,827,616
$
0.27%
0.22%
ATI Ladish LLC
LDSH
356,772,192
$
0.17%
0.15%
Optimer Pharmaceuticals Inc
OPTR
354,496,480
$
0.17%
0.13%
Cadence Pharmaceuticals Inc
CADX
354,151,712
$
0.25%
0.14%
Sabra Health Care REIT Inc
SBRA
352,227,616
$
0.18%
0.12%
Village Super Market Inc
VLGEA
351,540,000
$
0.58%
0.48%
Great Lakes Dredge & Dock Corp
GLDD
351,359,392
$
0.27%
0.18%
Liquidity Services Inc
LQDT
350,004,224
$
0.26%
0.19%
Average:
0.51%
0.31%
China MediaExpress Holdings, Inc.
Bid-Ask Spreads NASDAQ Composite Index Members With Market Cap $350 - 400 Million
Source: Bloomberg L.P.
59
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EXHIBIT K
60
Case 1:21-md-02989-CMA Document 583-5 Entered on FLSD Docket 06/28/2023 Page 56 of
77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
10/1/2009
1,500
7.76
$
-0.8% BUS
8:30:01 TM Entertainment and Media, Inc. Announces Amendment of
Share Exchange Agreement with Hong Kong Mandefu Holding
Limited (d/b/a China MediaExpress “CME”)
BN
8:31:31 TM says CME to buy publicly traded warrants in private deals
FSI
20:10:00 TM Entertainment and Media Set Dates for Stockholders' Vote
10/2/2009
700
7.66
$
-1.3% FSI
3:45:25 Financial Status Alert (Deficient): TMI (AMEX)
10/5/2009
1,600
7.61
$
-0.7% SEC
Form DEFM14A filed with SEC
10/6/2009
3,400
7.61
$
0.0%
10/7/2009
6,500
7.61
$
0.0%
10/8/2009
812
7.66
$
0.7%
10/9/2009
22,100
7.60
$
-0.8%
10/12/2009
6,700
7.50
$
-1.3%
10/13/2009
59,845
7.76
$
3.5%
10/14/2009
48,649
7.59
$
-2.2%
10/15/2009
274,961
7.59
$
0.0% BUS
12:00:01 TM Entertainment and Media, Inc. announces shareholder
approval of business combination with Hong Kong Mandefu
Holding limited (d/b/a China Media Express "CME")
BN
12:00:05 TM Entertainment-Media, Reports Holder Approval of
Combination…
BN
12:01:22 TM Entertainment Holder Approval For Hong Kong Mandefu
Pact…
FLY
12:04:54 TM Entertainment & Media shareholders approve merger with
China Media
FLYWAL
TM Entertainment and Media announces that the proposed
business combination with the shareholders of privately held
Hong Kong Mandefu Holding, d/b/a China MediaExpress was
approved at the special meeting of its shareholders
10/16/2009
628,583
7.88
$
3.8% FSI
3:45:23 Financial Status Alert (Deficient): TMI (AMEX)
BUS
8:00:02 TM Entertainment and Media today announced that the business
combination with the shareholders of privately-held Hong Kong
Mandefu Holding Limited d/b/a CME was consummated on
October 15, 2009
WSA
22:17:57 Insider Activity: Green Theodore Seth (D) Sells TM
Entertainment
SEC
Form 8-K filed with the SEC
MANAVG
TM Entertainment & Media clears China Media Express Buyout
10/19/2009
194,923
8.05
$
2.2% FSI
3:45:26 Financial Status Alert (Deficient): TMI (AMEX)
MANAVG
TM Entertainment & Media clears China Media Express Buyout
10/20/2009
264,498
9.20
$
14.3% CMN
8:07:59 TM Entertainment & Media INC changes its name to China
MediaExpress Holdings no change in ticker symbol TMI
CMN
8:08:00 TMI.U US: Amex TMIU Name/Symbol Change. New name is
China MediaExpress Holdings
10/21/2009
195,676
9.30
$
1.1% SEC
Forms 8-K and SC 13G filed with the SEC
FSI
3:45:23 Financial Status Alert (Deficient): TMI (AMEX)
10/22/2009
232,200
10.65
$
14.5% BUS
11:31:01 CME announces an exclusive agreement with the operators of the
Guangzhou "Airport Express" luxury buses to install
broadcasting equipment and supply entertainment programming
along with paid advertising on all of their luxury buses (67 buses)
BN
11:31:02 China MediaExpress Holdings, Reports an Exclusive Pact…
BN
11:31:33 China MediaExpress Pact with Guangzhou Airport Express
Operator…
10/23/2009
130,852
11.24
$
5.5% FSI
3:45:23 Financial Status Alert (Deficient): TMI (AMEX)
10/26/2009
124,284
10.10
$
-10.1%
10/27/2009
70,769
9.80
$
-3.0% SEC
Form SC 13D filed with SEC
10/28/2009
165,433
8.50
$
-13.3% FSI
3:45:25 Financial Status Alert (Deficient): TMI (AMEX)
Page1of21
61
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77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
BN
6:19:54 CME holder thousand space reports 25.5 % stake. CME holder
bright elite in lock-up pact
BN
6:22:36 China MediaExpress, Holder Bright Elite in Lock-Up Pact
BN
6:23:53 China MediaExpress Holder Bright Elite Pact 6 months after
Combo
BN
6:24:04 China MediaExpress Holder Bright Elite won't sell shares on
combo
BN
6:26:14 China MediaExpress Holder Bright Elite Reports Stk Equal 9.6%
SEC
Form SC13 (2) filed with SEC
10/29/2009
183,743
9.53
$
12.1% RE1
1:09:49 CME holdings reports multiple transactions by director Hyde
(disposition of 55,000 shares)
FSI
3:45:23 Financial Status Alert (Deficient): TMI (AMEX)
BUS
17:29:01 CME Holdings announces receipt of delisting notice from NYSE
AMEX
BN
17:29:18 China MediaExpress Gets NYSE Amex Delisting Notice
FLY
17:45:45 TM Entertainment & Media subsidiary receives delisting notice
BUS
20:29:01 CME holdings - update regarding listing status - AMEX is
considering the matters raised in a delisting determination letter
previously issued and is likely to be rescinding that determination
based on more recent stockholder information that CME has
provided to the AMEX.
SEC
Form 8-K filed with the SEC
10/30/2009
195,445
9.15
$
-4.0% FSI
3:45:23 Financial Status Alert (Deficient): TMI (AMEX)
BUS
13:43:01 CME Holdings announces rescinding of the previously
announced delisting notice
BN
13:43:02 China MediaExpress Holdings, Reports Rescinding of
Previously…
BN
13:43:21 China MediaExpress Holdings Announces Rescinding of Delist
Note
BN
13:43:31 China MediaExpress Says Rescinding of Delisting Notice
BN
13:44:08 China MediaExpress Announces Rescinding of Delisting Notice
FLY
14:03:48 China MediaExpress Holdings announce NASDAQ rescinds
delisting notice
RE1
20:16:26 USFedNewsService: CME holdings files Form 8-K to announce
receiving further communications from AMEX and announces
notice of delisting or failure to satisfy continued listing rule or
standard (2 articles)
SEC
Form 8-K (2) filed with SEC
11/2/2009
172,470
9.35
$
2.2% SEC
SC 13G/A (2) filed with SEC
FSI
3:45:23 Financial Status Alert (Deficient): TMI (AMEX)
11/3/2009
99,028
9.67
$
3.4% SEC
Form 8-KA filed with SEC
11/4/2009
134,345
9.63
$
-0.4%
11/5/2009
59,259
9.59
$
-0.4%
11/6/2009
470,684
10.75
$
12.1% BUS
8:45:01 CME holdings announces that it had repurchased and retired 1.9
million of its publicly-traded warrants in a private transaction.
BN
8:45:03 China MediaExpress Holdings, Repurchases- Retires 1.9M
warrants
11/9/2009
378,833
11.40
$
6.0% SEC
SC 13G/A filed with SEC
FSI
3:45:00 Financial Status Alert (Deficient): TMI (AMEX)
11/10/2009
126,980
10.96
$
-3.9%
11/11/2009
59,244
11.10
$
1.3%
11/12/2009
95,321
11.19
$
0.8% WSA
22:27:51 Insider Activity: Bird Malcolm George sells China
MediaExpress
11/13/2009
193,970
11.59
$
3.6% FSI
3:45:23 Financial Status Alert (Deficient): TMI (AMEX)
11/16/2009
134,966
11.26
$
-2.8%
Page2of21
62
Case 1:21-md-02989-CMA Document 583-5 Entered on FLSD Docket 06/28/2023 Page 58 of
77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
BN
16:11:15 CME Holdings qtr loss per shr 6 cents
BUS
16:23:01 CME holdings announces 2009 third quarter financial results -
net income rose 83% on 65% increase on net revenues
SEC
Forms 10-Q and 8-K filed with the SEC
11/17/2009
366,649
12.50
$
11.0% FSI
3:45:26 Financial Status Alert (Deficient): TMI (AMEX)
11/18/2009
221,105
12.95
$
3.6%
11/19/2009
114,413
13.16
$
1.6%
11/20/2009
95,023
12.94
$
-1.7%
11/23/2009
156,676
12.41
$
-4.1%
11/24/2009
234,936
12.47
$
0.5%
11/25/2009
133,363
12.60
$
1.0%
11/27/2009
50,804
12.30
$
-2.4%
11/30/2009
176,724
11.11
$
-9.7% RE1
20:54:38 CME Holdings reports multiple transactions by director Miller
(disposition of 55,500 shares)
12/1/2009
170,396
11.25
$
1.3%
12/2/2009
98,097
10.87
$
-3.4%
12/3/2009
129,869
10.71
$
-1.5%
12/4/2009
126,239
10.54
$
-1.5%
12/7/2009
114,904
11.20
$
6.3% SEC
Form 8-K filed with the SEC
12/8/2009
150,136
11.85
$
5.8% RE1
18:21:18 Form 8-K CME holdings announces departure of directors,
certain officers, election of directors
RE1
20:34:19 Form 8-K CME holdings announces changes in registrant's
certifying accountant. The company dismissed its principal
independent accountant AJ Robbins effective immediately. This
was not a result of any disagreement between AJR and the
company.
SEC
Form 8-K filed with the SEC
12/9/2009
92,799
11.75
$
-0.8%
12/10/2009
79,000
11.96
$
1.8% BUS
11:49:01 CME holdings appoints Deloitte & Touche LLP as independent
auditors and adds new independent director to its board; to begin
trading under new ticker symbol on Dec 14, 2009 (CCME)
12/11/2009
74,788
12.04
$
0.7% CMN
8:17:32 Symbol Change Only - TMI -A
CMN
8:17:44 Amex TMIU Symbol Change TMIU - A
CMN
8:18:56 AMEX TMIWS -A symbol change only
12/14/2009
49,340
12.04
$
0.0%
12/15/2009
131,204
12.02
$
-0.2%
12/16/2009
84,064
11.79
$
-1.9% FLY
11:45:32 CCME files to sell 13.1 M shares of common stock & warrants
SEC
Form S-3 filed with SEC
12/17/2009
29,468
11.68
$
-0.9%
12/18/2009
59,698
11.76
$
0.7%
12/21/2009
316,305
12.60
$
7.1%
12/22/2009
111,197
12.66
$
0.5%
12/23/2009
120,737
12.03
$
-5.0%
12/24/2009
15,027
12.20
$
1.4%
12/28/2009
22,545
12.08
$
-1.0%
12/29/2009
429,796
10.83
$
-10.3% BUS
9:38:01 CCME holdings announced that the SEC has declared effective
its S-3 registration statement that registers among other things the
common shares underlying warrants issued in the IPO of TM
Entertainment and Media and certain shares held by the founders
of TMI.
BN
9:38:31 CCME redeems all purchase warrants from offering and would
get gross proceeds of about $46M. Proceeds used to pay business
founders
BN
9:39:23 China MediaExpress To Use Proceeds to Pay Business Founders
12/30/2009
377,272
10.77
$
-0.6%
Page3of21
63
Case 1:21-md-02989-CMA Document 583-5 Entered on FLSD Docket 06/28/2023 Page 59 of
77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
12/31/2009
173,047
10.60
$
-1.6%
1/4/2010
233,122
10.60
$
0.0%
1/5/2010
393,399
10.72
$
1.2%
1/6/2010
164,685
10.71
$
-0.1%
1/7/2010
253,130
10.66
$
-0.5%
1/8/2010
295,951
10.70
$
0.4%
1/11/2010
259,629
10.70
$
0.0%
1/12/2010
255,170
10.64
$
-0.6%
1/13/2010
802,940
10.29
$
-3.3% BN
8:45:25 CCME and Starr in $30M placement
FLY
8:56:47 CCME and Starr International announce $30M private
placement. Starr to make a significant investment in CME, they
will purchase 1m newly issued shares of CME Series A
convertible preferred stock at $30 per share together with
1,545,455 of CME common stock purchase warrants. CME
intends to use the net proceeds of this financing for working
capital purposes including internal expansion initiatives and
potential M&As
1/14/2010
204,419
10.65
$
3.5%
1/15/2010
726,139
12.25
$
15.0% BUS
13:07:01 Correcting and replacing CCME and Starr announce $30 million
private placement; "We Look Forward to a long and mutually
beneficial relationship…"
1/19/2010
1,333,937
13.90
$
13.5% RE1
22:14:49 Form 8-K - CCME files with SEC to announce entry into a
material definitive agreement
SEC
Form 8-K filed with the SEC
1/20/2010
332,370
13.51
$
-2.8%
1/21/2010
442,427
13.03
$
-3.5%
1/22/2010
271,573
12.80
$
-1.8%
1/25/2010
276,677
12.10
$
-5.5%
1/26/2010
395,839
12.00
$
-0.8%
1/27/2010
279,700
11.61
$
-3.3%
1/28/2010
408,310
11.74
$
1.1%
1/29/2010
362,379
11.75
$
0.1% SEC
Form 25-NSE (2) filed with SEC
2/1/2010
620,073
12.12
$
3.1%
2/2/2010
364,001
12.65
$
4.4%
2/3/2010
172,025
12.33
$
-2.5% SEC
Form 8-K filed with SEC
2/4/2010
211,052
11.66
$
-5.4%
2/5/2010
189,001
11.52
$
-1.2%
2/6/2010
CMN
8:01:03 Amex CCMEU Removed from Listing & registration Eff.
2/8/2010
345,556
11.76
$
2.1% BUS
10:26:01 CCME announces an extension of its existing network to the
Beijing Capital International Airport
BN
10:26:19 China MediaExpress In New Framework Agreement for Buses
BN
10:26:36 China MediaExpress Holdings Extends Network To Beijing
Airport
FLY
10:27:25 China MediaExpress extends existing network to Beijing Capital
International
BN
10:28:00 China MediaExpress to Pay Monthly Fee over contract Term
BN
10:28:34 China MediaExpress to also pay one-time fee $15,000
BUS
10:57:01 CCME announces results of redemption of publicly traded
warrants. 99% of warrants exercised. Proceeds from exercise
about $47 million.
FLY
15:59:06 Starr reports 16.5% stake in CCME
SEC
Forms SC 13D and SC13G/A filed with SEC
2/9/2010
201,280
11.75
$
-0.1% SEC
Form SC 13G/A filed with SEC
2/10/2010
73,624
11.84
$
0.8%
2/11/2010
172,320
12.00
$
1.4% SEC
Form SC 13G/A (6) filed with SEC
2/12/2010
108,796
11.85
$
-1.3%
2/16/2010
136,669
11.87
$
0.2%
Page4of21
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77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
2/17/2010
409,380
11.98
$
0.9%
2/18/2010
306,863
12.20
$
1.8%
2/19/2010
136,591
11.98
$
-1.8%
2/22/2010
167,598
11.75
$
-1.9%
2/23/2010
190,292
11.53
$
-1.9% BUS
17:22:01 CCME signs a contract with the Organizing committee of the
16th Asian Games to display a 30 second advertisement
promoting the games on its current network of busses
2/24/2010
119,820
11.84
$
2.7%
2/25/2010
88,501
11.96
$
1.0% CKO
0:47:38 China MediaExpress has entered into an agreement to promote
16th Asian Games
2/26/2010
85,769
11.90
$
-0.5%
3/1/2010
147,716
11.98
$
0.7%
3/2/2010
364,821
12.49
$
4.3% BUS
9:14:01 CCME announced an addition of 124 express buses in its
existing network
BN
9:14:16 China MediaExpress Holdings, Inc. Announces 124 Buses Add
BN
9:15:02 China MediaExpress Framework Agreement with Shenzhen AD
Agency.
FLY
9:21:50 China MediaExpress Announces an Additional 124 Express
buses
BUS
12:31:01 China MediaExpress Holdings, Inc. to Present at the Rodham &
Renshaw Annual China Investment Conference on March 8th in
Beijing, China.
3/3/2010
397,111
11.89
$
-4.8%
3/4/2010
257,568
11.94
$
0.4%
3/5/2010
325,781
12.19
$
2.1% RE1
23:20:48 Form 8-K resignation of Malcolm Bird for personal reasons
SEC
Form 8-K filed with SEC
3/6/2010
FLY
6:00:05 Annual China Investment Conference - 3/7/2010 (3 day
conference)
3/7/2010
Fly
6:00:20 Annual China Investment Conference - 3/7/2010 (4 day
conference)
3/8/2010
282,847
11.85
$
-2.8% SEC
Form 8-K filed with SEC
3/9/2010
242,731
11.71
$
-1.2% BUS
8:45:01 CCME signs exclusive agreement to provide TV programming
and advertisements for the Qingdao Airport Express buses
BN
8:45:45 China MediaExpress In Pact For Qingdao Express Buses
BN
8:49:19 China MediaExpress To Provide TV Programming, Ads in 3-YR
Pact
BUS
9:45:01 China MediaExpress Holdings, Inc. to Present at the Roth Capital
Partners 22nd Annual OC Growth Stock Conference
3/10/2010
180,789
11.57
$
-1.2%
3/11/2010
175,604
11.74
$
1.5% BUS
10:05:01 CCME to announce 2009 Q4 results and conduct a conference
call on March 23rd
3/12/2010
129,956
11.56
$
-1.5%
3/14/2010
NS1
20:10:10 CCME to present at The Roth Partners 22nd Annual OC Growth
Stock Conference
3/15/2010
252,876
11.73
$
1.5% FLY
9:19:56 China MediaExpress management to meet with Global Hunter.
Meetings to be held in NY march 22-23 hosted by Global
Hunter.
FLY
12:11:30 22nd Annual Roth OC Growth Stock Conference 3-16-10 (3 day
conference)
3/16/2010
656,003
12.16
$
3.7% EDG
6:05:45 NT 10-Q Filed
BN
6:21:29 CCME delays filing of form 10-K
BN
6:21:45 China MediaExpress Sees Reporting 2009 Net About $41M
SEC
NT 10-Q Filed with SEC
Page5of21
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77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
BUS
8:45:01 CCME extends due date for filing - founder and CEO Zheng
Cheng noted "This is our first year as an "accelerated filer" under
the SEC rules, which led us to seek an extension of the 10-K
filing due date from the SEC." CME is estimating NI of
approximately $41M for 2009.
BN
8:45:04 China MediaExpress Holdings, Extends Due Date for Filing
SPY
9:28:46 Sustainable growth from a well defended niche. Compelling
valuation. Credibility no longer an issue. Short term Price target
$20. 12 month target is $28
3/17/2010
1,224,476
12.83
$
5.5%
3/18/2010
638,916
12.74
$
-0.7%
3/19/2010
455,908
12.47
$
-2.1%
3/22/2010
633,522
12.28
$
-1.5% FLY
6:02:46 China MediaExpress (CCME) Two day Global Hunter Meeting
3/22-3/23
3/23/2010
3,786,936
14.54
$
18.4% BUS
8:45:01 CCME announces 2009 Q4 results. Revenue increased by 90.6%
and NI by 99.6%. Year 2009 revenue increased 52.3% and NI
increased by 58.2% to $41.7 M. As of December 31, 2009 the
Company had $57.2 million in cash.
BN
8:45:09 China MediaExpress 4Q Rev $32M
BN
8:45:20 4Q EPS 49C
BN
8:45:27 Sees 2010 Adj. net $71m -$75m
BN
11:11:42 CCME rose 13% after rallying as much as 16%; its expected to
earn at least $71m this year
CMX
13:09:03 China MediaExpress Holdings Soars on Profit Forecast
SPY
13:19:24 CCME posts excellent 2009 audited results and 2010 guidance
much higher than our forecast
BN
16:55:49 CCME rose 18%, the most since November 2007, to $14.54. Co
expects to earn $71m this year.
BT
21:24:06 China MediaExpress Earnings Teleconference (Q4 2009 Call)
3/24/2010
1,226,829
14.16
$
-2.6% BT
0:58:11 China MediaExpress Teleconference Transcript.
SPY
11:26:02 CCME- Excellent audited 2009 results and very strong 2010
guidance
3/25/2010
800,049
13.88
$
-2.0%
3/26/2010
770,182
13.49
$
-2.8%
3/29/2010
610,004
13.85
$
2.7%
3/30/2010
238,723
13.98
$
0.9%
3/31/2010
256,211
13.79
$
-1.4% SEC
Form 10-K filed with SEC
4/1/2010
1,400,668
12.80
$
-7.2%
4/5/2010
823,658
12.38
$
-3.3%
4/6/2010
538,148
12.44
$
0.5% NS3
10:05:43 Naked Short Web Site TEAR and CCME Removed From
Threshold Lists Today.
4/7/2010
342,447
12.74
$
2.4%
4/8/2010
248,940
12.84
$
0.8%
4/9/2010
170,985
12.88
$
0.3%
4/12/2010
211,294
13.05
$
1.3%
4/13/2010
203,838
12.88
$
-1.3%
4/14/2010
215,164
12.81
$
-0.5%
4/15/2010
161,452
12.52
$
-2.3%
4/16/2010
265,261
12.63
$
0.9% BUS
8:45:01 CCME announces addition of 527 express buses in its existing
network in the Guangdong province
BN
8:45:02 China MediaExpress Holdings, Reports Addition of 527 Express
Buses
BN
8:46:00 China MediaExpress Paid RMB 50,000 Per Bus
BN
8:46:31 China MediaExpress To Pay Monthly Concession Fee to
Operator.
FLY
8:48:11 China MediaExpress announces addition of 527 express buses
Page6of21
66
Case 1:21-md-02989-CMA Document 583-5 Entered on FLSD Docket 06/28/2023 Page 62 of
77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
BN
17:00:43 CCME rose .9% to $12.63. Co says it has signed agreement with
media co to purchase exclusive right to operate TV screens on
527 express buses in Guangdong province.
4/19/2010
400,213
12.17
$
-3.6%
4/20/2010
258,764
12.55
$
3.1%
4/21/2010
165,789
12.29
$
-2.1%
4/22/2010
138,701
12.16
$
-1.1%
4/23/2010
201,356
12.26
$
0.8%
4/26/2010
135,803
12.30
$
0.3%
4/27/2010
137,919
12.31
$
0.1%
4/28/2010
292,855
12.85
$
4.4%
4/29/2010
452,850
13.16
$
2.4%
4/30/2010
218,952
13.04
$
-0.9% SEC
Form 10-K/A filed with SEC
5/3/2010
131,174
13.21
$
1.3%
5/4/2010
213,927
12.44
$
-5.8% BUS
11:03:00 China MediaExpress Holdings, Inc. To Present at the Piper
Jaffray Seventh Annual china Growth Conference on May 13th
in NYC.
5/5/2010
238,214
12.12
$
-2.6%
5/6/2010
518,621
11.40
$
-5.9%
5/7/2010
379,656
10.96
$
-3.9%
5/10/2010
446,847
11.50
$
4.9% EDG
15:08:44 China MediaExpress Holdings NT 10Q
BN
15:09:29 CCME files form to delay filing 10Q
BN
15:10:09 China MediaExpress Sees Significant Change in Results VS '09
SEC
NT 10-Q Filed with SEC
BN
15:10:18 Cites Former Status As Shell Company
BN
15:10:38 Sees QTR Net Income $18M Before Adjustments
5/11/2010
968,000
13.21
$
14.9% SPY
8:43:16 CCME pre announced Q1 NI of $18M ($0.44 f.d. EPS). Earnings
growth well ahead of our expectations
BUS
8:45:01 CCME announce 2010 Q1 results and conduct a conference call
on May 14th. Revenue and NI expected to be in Excess of $44 M
and $17.5 M, respectively
BN
8:48:36 Sees 1Q Revenue Above $44M
BN
8:48:43 Sees 1Q Net Above $17.5 M
Sees 1Q Revenue $44M - $45M, Net $17.5M -$18.5M
SPY
10:51:55 Revenue much higher than expected, earnings to be released
FLY
12:33:46 CCME to attend Global Hunter Meetings May 17 -19
BN
16:47:41 CCME gained 15% to $13.21. Net income grew "significantly"
Reuters
China MediaExpress Holdings Inc Issues Q1 2010 Guidance.
Expects revnue for 1Q to be in the range of $44 to $45m
5/12/2010
562,844
13.26
$
0.4% FLY
12:12:21 7th Annual China Growth Conference (5/13/10)
5/13/2010
486,029
13.70
$
3.3% FLY
6:27:15 7th Annual China Growth Conference
FLY
12:03:30 Conf Call: CCME - 5/14/10 10am (Earnings Call)
5/14/2010
948,222
12.89
$
-5.9% BUS
8:45:01 CCME announces strong Q1. Revenue and NI increased by
137% and 143%, respectively. Forecasts for 2010 reaffirmed
BN
8:45:06 China MediaExpress Reaffirms Forecast
SEC
Form 10-Q filed with SEC
BN
8:45:10 1Q revenue $44.5M
BN
8:45:17 1Q adjusted EPS 54C
BT
10:58:15 Earnings Teleconference 5/14/10 - Q1 2010 Earnings Call
BT
17:26:58 Teleconference Transcript. Q1 Earnings Call.
5/16/2010
FLY
12:05:16 Two days of meetings with mgmt, May 17 - 18th
5/17/2010
514,906
12.95
$
0.5% BUS
8:45:00 CCME announces addition of 816 inter-city express buses to its
existing network. Busses originating in the Autonomous region
of Inner Mongolia.
BN
8:45:45 Paid a one time fee for oper right
BN
8:45:51 CCME in seven year long term framework contract
Page7of21
67
Case 1:21-md-02989-CMA Document 583-5 Entered on FLSD Docket 06/28/2023 Page 63 of
77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
FLY
8:50:35 CCME announces addition of 816 inter-city express buses
FLY
10:07:21 Co to attend meetings hosted by Global Hunter
SPY
11:56:23 CCME: 2010 guidance appears easily achievable. 2010 guidance
- $71m to $75 net income or $1.75 to $1.85 f.d EPS.
5/18/2010
334,467
12.83
$
-0.9%
5/19/2010
472,013
12.81
$
-0.2% BUS
8:45:00 CCME to begin trading on the NASDAQ Global Select Market
on June 3rd and will cease trading on NYSE Amex on June 2nd.
SEC
Form 8-A12B filed with SEC
5/20/2010
662,125
11.70
$
-8.7%
5/21/2010
342,864
12.18
$
4.1% WSA
12:42:35 CFO buys 4000 shares of CCME
5/24/2010
296,944
12.75
$
4.7%
5/25/2010
285,840
12.56
$
-1.5%
5/26/2010
603,980
12.68
$
1.0%
5/27/2010
352,517
13.25
$
4.5%
5/28/2010
274,750
13.25
$
0.0%
6/1/2010
314,519
12.68
$
-4.3%
6/2/2010
256,265
12.93
$
2.0% CMN
8:27:01 AMEX CCME Pending - Suspension Eff. 6/3/10
BUS
8:45:01 CCME announces signing of new contracts adding 408 express
buses to its existing network
BN
8:45:02 Reports Signing of New Contracts
BN
8:45:28 Pacts add 407 buses to network
6/3/2010
305,350
12.72
$
-1.6% CMN
8:12:29 AMEX CCME Suspended From Trading Eff. 6/3/2010
6/4/2010
198,511
12.17
$
-4.3%
6/7/2010
187,714
12.12
$
-0.4%
6/8/2010
258,426
12.15
$
0.2%
6/9/2010
238,241
11.90
$
-2.1% CMN
0:30:03 Amex CCME removed form listing and registration
6/10/2010
290,050
12.12
$
1.8%
6/11/2010
265,944
11.91
$
-1.7%
6/14/2010
436,513
11.98
$
0.6%
6/15/2010
267,897
12.00
$
0.2%
6/16/2010
108,908
11.98
$
-0.2%
6/17/2010
191,907
11.70
$
-2.3%
6/18/2010
313,688
11.81
$
0.9%
6/21/2010
253,611
11.67
$
-1.2%
6/22/2010
136,504
11.60
$
-0.6%
6/23/2010
228,600
11.52
$
-0.7%
6/24/2010
132,283
11.33
$
-1.6%
6/25/2010
406,888
10.97
$
-3.2%
6/28/2010
618,659
10.34
$
-5.7% BUS
16:27:00 CCME added to the Russell Global
6/29/2010
1,167,840
8.97
$
-13.2%
6/30/2010
439,835
8.77
$
-2.2%
7/1/2010
470,716
9.11
$
3.9% BN
2:54:21 CCME initiated at Global Hunter Securities and rated "BUY"
FLY
5:56:30 CCME initiated with a Buy at Global Hunter. Tgt $18.
SI
9:05:00 Global Hunter Initiates Coverage of China MediaExpress with a
Buy; Rapid Growth and Compelling Valuation
7/2/2010
257,695
8.90
$
-2.3% BUS
8:45:00 China MediaExpress Holdings, Inc. to Present at the Global
Hunter 2010 China Conference on July 13th San Francisco.
7/6/2010
206,260
8.86
$
-0.4%
7/7/2010
327,917
8.73
$
-1.5%
7/8/2010
285,812
9.03
$
3.4%
7/9/2010
308,137
9.57
$
6.0%
7/10/2010
FLY
12:00:10 2010 China Conference - 7/13/10 (3 day conference)
7/12/2010
752,742
10.60
$
10.8% BUS
8:30:01 CCME revises its 2010 NI guidance. The revised guidance calls
for 2010 NI to be in the range of $82M to $85M (on a non-
GAAP basis) as compared to prior guidance of $71 - 75M.
BN
8:30:04 CCME Revises 2010 Net Guidance
BN
8:30:26 CCME Boosts Forecast Net Adjusted
Page8of21
68
Case 1:21-md-02989-CMA Document 583-5 Entered on FLSD Docket 06/28/2023 Page 64 of
77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
BN
8:30:43 CCME Sees Net Income $82 - $85M
BN
8:31:07 China MediaExpress Guidance for 2010
BN
8:31:22 China MediaExpress Had Seen '10 Net Income $71M -$75M
FLY
8:31:42 CCME - now sees 2010 Net Income $82M - $85M.
BFW
8:43:59 China MediaExpress Boosts Forecast for 2010 Adjusted Net. Co
now sees adj net $82m - $85m, no est.
DJNS
9:06:00 China MediaExpress Boosts Earnings View, Seeks Acquisitions
BFW
10:17:49 CCME rises 13%; boosts forecast 2010 adj. net income
BN
10:20:07 CCME jumped 15% to $10.96, after rallying as much as 16%,
the most intraday since May 11. Co boosted 2010 forecast.
BFW
12:06:47 CCME up 9.2%; boosts 2010 adj. net income forecast
BN
16:22:09 CCME jumped 11% to $10.60. Co boosted 2010 forecast,
saying it expects to earn at least $82M.
7/13/2010
398,415
10.27
$
-3.1%
Global Hunter Conference (3 Day conference)
7/14/2010
136,001
10.36
$
0.9%
7/15/2010
113,155
10.23
$
-1.3%
7/16/2010
208,353
9.69
$
-5.3%
7/19/2010
196,062
9.46
$
-2.4%
7/20/2010
220,422
9.55
$
1.0%
7/21/2010
102,317
9.37
$
-1.9% NS3
6:17:05 CCME announces renewed agreement with Hunan Satellite TV
to obtain free entertainment content
BUS
8:45:00 China MediaExpress Holdings, Inc. Renews Its Agreement with
Hunan Satellite Television Statino to Obtain Free Entertainment
Content.
BN
8:45:05 ChinaMedia renews pact with Hunan Satellite
BN
8:45:43 CCME says terms remain the same
FLY
8:46:31 Comes renews agreement with Hunan Satellite
RE3
9:15:00 Co announces renewed agreement with Hunan
7/22/2010
251,716
9.91
$
5.8%
7/23/2010
267,792
10.70
$
8.0%
7/26/2010
316,007
10.95
$
2.3% RE3
5:26:53 Renewal of Agreement with Hunan - will commence in
September and allow co to acquire entertainment programming
from Hunan
BUS
8:45:01 CCME adds 805 buses to its network
BN
8:45:40 Adds 805 express buses
FLY
8:46:39 Signed several new long-term agreements, adding 805 inter-city
express buses to network. Co signed 4 new contracts to supply
entertainment programming along with paid advertising for a
period of 5 years.
7/27/2010
182,081
10.82
$
-1.2%
7/28/2010
308,099
10.66
$
-1.5% BN
15:25:10 CCME initiated at Northland Secs rated "Outperform" with 12-
month target price $22 per share.
BN
17:07:26 CCME fell 1.5%. The co was rated new "outperform" at
Northland Securities by equity analyst Darren Aftahi.
7/29/2010
316,345
10.12
$
-5.1%
7/30/2010
280,623
10.27
$
1.5%
8/2/2010
165,802
10.33
$
0.6%
8/3/2010
190,686
10.20
$
-1.3%
8/4/2010
212,619
10.17
$
-0.3%
8/5/2010
113,955
10.16
$
-0.1%
8/6/2010
157,480
10.22
$
0.6%
8/9/2010
166,205
10.19
$
-0.3%
8/10/2010
498,093
10.49
$
2.9% BN
15:52:49 CCME delays 10-Q filing
BN
15:53:32 CCME unable to get necessary review by due date
BN
15:53:51 CCME sees qtr NI $27M-$29M
SEC
Files NT 10-Q with SEC
Page9of21
69
Case 1:21-md-02989-CMA Document 583-5 Entered on FLSD Docket 06/28/2023 Page 65 of
77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
BUS
16:05:01 China MediaExpress to Announce 2010 Second Quarter Results
and Conduct a Conference Call on Friday, August 13th.
8/11/2010
1,119,118
10.89
$
3.8% BFW
4:20:42 CCME says 2Q profit beat estimates. 1H earnings will be delayed
BUS
8:45:00 CCME to ring NASDAQ opening bell on August 18th.
FLY
9:21:40 CCME: Pre-Market top 5 gainers
FLY
9:51:46 CCME: Gappers report: Bullish gaps
8/12/2010
655,257
10.86
$
-0.3% FLY
12:03:19 Confernece Call 8/13/2010
8/13/2010
1,020,029
10.68
$
-1.7% NS3
0:31:59 CCME announces financial results for Q2. Revenue increased by
180% to $53.5M and NI increased by 244% to $28.5 or $.080 per
diluted share as compared to 2009 Q2; reaffirmed recently
revised guidance
SEC
10-Q filed
BT
3:47:24 Conference Call Transcript. Q2 2010 Earnings Call.
BUS
8:45:00 CCME announces record second quarter financial results; second
quarter revenue and net income increased by 180% and 244%,
respectively.
BN
8:45:22 2Q EPS 80C
BN
8:45:30 2Q Revenue $53.5M
BN
8:45:53 China MediaExpress Holdings Reaffirms Forecast
BN
8:46:25 China MediaExpress Holdings 2Q Sales $53.5M, Est. $52M (1
est)
FLY
8:51:30 CCME reports q2 EPS 80c vs. consensus of 53c. Sees FY10
adjusted net income $82 - $85m.
8/16/2010
567,669
11.27
$
5.5% FLY
5:55:52 CCME target raised to $21 from $18 at Global hunter following
the company's Q2 results
SI
9:07:00 Global Hunter Reiterates a Buy Rating on CCME; Raises PT
EDG
16:37:45 Form S-3
FLY
16:38:54 CCME registers to sell 22.13M shares of common stock for
holders
SEC
S-3 Filed
8/17/2010
570,560
11.19
$
-0.7%
8/18/2010
277,927
10.91
$
-2.5% NS1
20:10:45 Co released 2nd quarter results
8/19/2010
208,331
10.55
$
-3.3% RCG
21:08:23 bearish continuation chart pattern
8/20/2010
326,167
10.20
$
-3.3% WSA
22:25:07 Insider activity: Thousand Space holding sells CCME shares
(33,594)
8/23/2010
688,782
9.65
$
-5.4% FLY
10:24:20 CCME to attend meeting hosted by Global Hunter in Chicago on
August 23rd.
WSA
22:22:27 Insider activity: Thousand Space holding sells CCME shares
(another 8,700)
8/24/2010
595,242
9.18
$
-4.9%
8/25/2010
543,497
9.12
$
-0.7%
8/26/2010
304,046
8.92
$
-2.2%
8/27/2010
283,657
9.02
$
1.1% WSA
11:18:48 Insider activity: Thousand Space holdings sells CCME shares
(29,119)
WSA
11:18:56 Insider activity: Thousand Space holdings sells CCME shares
(881)
8/30/2010
389,216
9.20
$
2.0% BUS
8:45:01 CCME to hold investor day on September 7, 2010.
WSA
22:27:20 Lin Ou Wen to sell 1,690,000 shares of CCME through Goldman
Sachs
8/31/2010
737,517
8.54
$
-7.2% BUS
8:45:00 CCME adds Hunan Changsha huanghua International Airport
and new buses in Jianqxi to tis network
9/1/2010
694,000
8.85
$
3.6%
9/2/2010
586,215
9.41
$
6.3% BUS
8:45:00 CCME provides clarification to 144 filing by Ou wen Lin. The
amount of shares was mistakenly overstated . The intended
number of shares to be sold is 63,594
BN
8:45:49 Lin mistakenly overstated amount
BN
8:45:58 Lin filed amendment with SEC
Page10of21
70
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77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
BN
8:46:21 Lin Won't Sell Material Part of 18% Stk.
FLY
9:12:25 CCME to hold investor day on September 7, 2010.
9/3/2010
389,817
9.61
$
2.1%
9/7/2010
372,486
9.30
$
-3.2% FLY
6:02:13 Investor Meeting
BUS
9:43:00 CCME to Present at Susquehanna Fourth Annual Beijing
Management Summit on September 9th.
9/8/2010
379,245
9.46
$
1.7% NS1
20:10:49 Lin clarifies on 144 filing
9/9/2010
437,615
9.20
$
-2.7% BUS
19:44:00 CCME successfully completed its first investor day on
September 7th
9/10/2010
408,924
9.21
$
0.1% Seeking Alpha
8:28:00 China MediaExpress: The Burden of a Low Share Price. Down
23.59% for the year and down 45.24% from its March high.
CCME biggest problem is its low share price
NS3
8:40:59 CCME successfully completed its first investor day on
September 7th
9/13/2010
586,208
8.99
$
-2.4%
9/14/2010
412,088
8.66
$
-3.7%
9/15/2010
1,478,624
7.83
$
-9.6%
9/16/2010
2,401,321
8.59
$
9.7% BUS
8:45:01 CCME announces share repurchase program for up to $30M of
its common stock.
BN
8:45:01 Co announces share repurchase program
BN
8:45:06 Co may buy back shares up to $30M
BN
8:45:37 Co to use available cash for buyback
FLY
8:46:29 CCME announces $30m share repurchase program. The share
repurchase authorization is effective immediately and remains in
effect for 1 year.
BUS
9:05:00 CCME adds Chongqing jiangbei International Airport to its
network
BN
10:25:09 CCME jumped 8.8% to $8.52. Co may buy back as much as
$30m shares.
NS3
10:49:54 Co Adds Chongqing Jiangbei International Airport to its
Network.
FLY
12:10:54 CCME puts active on elevated volatility as shares rally 13%
BFW
12:32:08 CCME gains 12%; may buy back as much as $30m shares
BN
16:31:17 CCME jumped 9.75%; co may buy back $30m shares
9/17/2010
1,026,053
8.10
$
-5.7%
9/20/2010
844,929
8.73
$
7.8%
9/21/2010
664,236
8.27
$
-5.3%
9/22/2010
1,013,437
8.15
$
-1.5%
9/23/2010
592,162
8.18
$
0.4%
9/24/2010
434,964
8.48
$
3.7%
9/27/2010
755,818
9.12
$
7.5% BN
23:08:00 CCME on Nasdaq threshold securities list
9/28/2010
978,904
9.47
$
3.8%
9/29/2010
1,048,152
10.06
$
6.2% BUS
9:25:00 CCME enters a New Province and adds 986 inter-city buses to its
network
FLY
9:26:12 CCME announces new agreement, enters into New Province
BUS
11:18:01 China MediaExpress Holdings, Inc. to Present at the 2010 Brean
Murray, Carret & Co. Global Consumer Conference on Monday
October 4th.
9/30/2010
834,460
10.20
$
1.4%
10/1/2010
676,436
10.03
$
-1.7%
10/4/2010
520,345
9.71
$
-3.2%
10/5/2010
513,244
9.98
$
2.8% RE3
1:49:13 CCME announced it has entered into an agreement with a media
company to purchase the exclusive right to operate TV screens
and to supply entertainment programming along with paid
advertising 986 inter-city buses
SEC
S-3/A filed
10/6/2010
758,017
10.04
$
0.6%
10/7/2010
616,741
10.63
$
5.9%
10/8/2010
507,047
10.75
$
1.1%
Page11of21
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77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
10/11/2010
703,954
11.28
$
4.9%
10/12/2010
1,097,311
12.27
$
8.8%
10/13/2010
1,863,766
13.27
$
8.1% BUS
9:56:00 Starr International Company to purchase 1.5M common shares
from founders of CCME (including Mr. Ou Wen Lin and Mr.
Qing Ping Lin)
BN
9:56:02 Starr Intl Company, To Buy 1.5M Shrs From Founders of China
Med
BN
9:56:04 Trading halted pending news
BN
9:57:26 China MediaExpress Says Starr to Pay $9-share
FLY
9:59:19 Starr International to buy 1.5m shares at $9.
BFW
10:07:47 Starr International to Buy 1.5m China MediaExpress Shares.
Purchase equals about 4.5% of CCME shares outstanding
BN
10:20:00 Quotation resumed
BN
16:54:58 CCME jumped 8.2%; Starr International will buy 1.5m shares
10/14/2010
1,507,011
14.02
$
5.7% WSA
15:18:38 Thousand Space Holding, Ben Owner sells 1M shares on
10/12/10
SEC
SC13D/A filed
WSA
22:33:46 Starr Investments buys CCME
10/15/2010
3,264,810
16.20
$
15.5% NS3
4:06:18 CCME has been on Buyins.Net Naked Short List
NS3
4:18:56 Multiple Insiders of CCME bought shares of CCME
RE1
6:36:29 CCME reports disposition by 10% - owner Thousand Space
Holding
10/18/2010
2,129,611
15.02
$
-7.3% FLY
9:07:30 CCME is down over 3% in the pre-market after the co earlier
announced Starr would buy 1.5m shares of the co at $9.
FLY
9:30:30 CCME pre market top 5 loser
BUS
10:53:00 China MediaExpress Holdings, Inc. to Present at the Citigroup
2010 Greater China Investor Conference on October 20th - 22nd
in Macau
10/19/2010
1,756,466
14.28
$
-4.9% SEC
8-K Filed
10/20/2010
943,784
15.17
$
6.2%
10/21/2010
710,068
15.15
$
-0.1%
10/22/2010
1,399,535
14.20
$
-6.3%
10/25/2010
505,511
14.48
$
2.0%
10/26/2010
739,227
14.97
$
3.4% SEC
SC 13D/A (2) Filed
NS3
4:25:02 Naked Short Web Site Announces CCME removed from list
10/27/2010
714,102
15.45
$
3.2%
10/28/2010
579,998
15.38
$
-0.5%
10/29/2010
639,214
15.46
$
0.5%
11/1/2010
1,581,274
16.47
$
6.5% BUS
13:39:01 CCME to announce 2010 Q3 results and conduct a conference
call on Nov 8th
11/2/2010
861,371
16.71
$
1.5%
11/3/2010
2,002,156
18.72
$
12.0% BFW
12:02:46 CCME +6.6%; reaches highest on record ahead of Nov. 8 results
11/4/2010
2,147,285
19.54
$
4.4%
11/5/2010
1,714,618
19.61
$
0.4%
11/7/2010
FLY
12:07:30 Earnings Call 11/8/10 9am. 3Q10 earnings.
11/8/2010
4,233,114
21.25
$
8.4% BT
0:55:59 Earnings call CCME - 2010 income guidance increased to
$100M-$104M
BUS
8:50:00 CCME announces Q3 results. Revenue up by 118% to $57M and
NI up by 167% to $31.1M or $.081 per diluted share.
BN
8:50:08 China MediaExpress Holdings, Inc. Boosts Forecast for Yr Net
BN
8:50:10 China MediaExpress 3Q EPS 81C
BN
8:50:14 China MediaExpress 3Q Revenue $57m
BN
8:50:53 Co now sees net income $100-$104m in 2010
BN
8:51:14 China MediaExpress Now See Yr Adj Net $100M - $104M, Saw
$82M - $85M
FLY
8:52:44 China MediaExpress reports Q3 EPS 81c vs. consensus 60c;
reports Q3 rev $57m vs. consensus $56.2m
Page12of21
72
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77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
FLY
8:53:12 China MediaExpress raises FY10 net income view to $100m -
$104; previous guidance was $82-$85m
BFW
9:02:27 China MediaExpress Boosts 2010 Profit Forecast; 3Q EPS Beats
FLY
9:17:06 Pre Market top 5 gainer
BT
9:55:04 Earnings Call - Q3 2010
BFW
10:00:53 CCME +7%; 3Q eps, sales beat est., forecast boosted
BN
17:29:33 CCME jumped 8.4% to a record $21.25 after raising profit
forecast
11/9/2010
1,368,553
20.18
$
-5.0% BN
1:17:07 CCME was downgraded to "Accumulate" from "Buy" at Global
Hunter Securities
SEC
10-Q filed
FLY
6:03:49 CCME downgraded to accumulate from buy at Global Hunter,
following the co's Q3 results due to valuation
BFW
8:27:34 CCME -2.1% Global Hunter cuts to accumulate
11/10/2010
2,191,256
19.47
$
-3.5% BFW
12:37:46 CCME --6.9%; second decline after cut at Global Hunter
NYT
15:03:04 DealBook: Where the Bubbles Are. Mentions CCME is up
more than 250% since mid-September (articles at 15:07:33 &
18:24:47)
11/11/2010
836,607
19.50
$
0.1% RE3
1:44:11 China MediaExpress Holdings Reports Financial Results for
Third Quarter of 2010, in a release on 11/5. Rev to $57m
compared to $26.1m
NYT
4:10:36 The Trade; After Fed Rescue, Speculation Makes a Comeback.
Mentions CCME up 250% since mid-September.
11/12/2010
840,525
18.22
$
-6.5% RE3
1:12:08 CCME posts 3Q financial results in a release on 11/8
11/15/2010
1,412,985
17.00
$
-6.7% PRN
8:00:00 Hampton Growth (HGR) to Sponsor Brean Murray, Carret & Co.
(BMC) 2010 China Growth Conference; Conference to Bring
Together Approximately 100 Chinese Company Executives and
Hundreds of Institutional Investors. Conference to be held
November 17 - 18, 2010
FLY
9:35:56 CCME moves lower on a cautious report by a boutique firm
11/16/2010
1,784,041
15.93
$
-6.3%
11/17/2010
1,524,170
17.56
$
10.2%
11/18/2010
828,824
17.52
$
-0.2%
11/19/2010
871,480
16.50
$
-5.8%
11/22/2010
691,481
16.87
$
2.2%
11/23/2010
1,393,056
16.62
$
-1.5% BUS
8:45:00 CCME to add 2,607 inter-city buses to its network
FLY
8:48:44 China MediaExpress to add 2,067 inter-city buses to its network
BN
8:46:21 China MediaExpress Gets Two Orders
11/24/2010
526,723
17.15
$
3.2% IBD
Some Chinese ADRs Weather Day's Chaos; CCME slipped 2%
after surging as high as 18.10.
11/26/2010
467,234
17.57
$
2.4% THE AGE
Lots of bubbles out there: when are they going to burst? Tiny
Chinese stock listed on Nasdaq China Media Express
Holdings…has soared since mid-September.
11/29/2010
545,888
17.42
$
-0.9%
11/30/2010
644,284
16.87
$
-3.2%
12/1/2010
1,264,357
16.02
$
-5.0% RE3
0:42:22 China Adds 2,067 inter-city school buses
12/2/2010
700,221
15.87
$
-0.9% WSA
12:41:43 Starr Investment CA Ben. Owner sells 150,000 shares of CCME
WSA
22:45:56 Starr Investments CAYMA sells $3m CCME shares
12/3/2010
1,408,215
14.80
$
-6.7%
12/6/2010
1,543,722
16.51
$
11.6% WSA
7:40:16 Director Dong Buys 25,000 Shares
FLY
9:07:30 CCME upgraded to buy from accumulate at Global hunter. The
firm maintains a $24 price target.
SI
9:17:00 Global Hunter Upgrades CCME to Buy; Valuation Becomes
More Attractive After Shares Decline.
BN
10:48:09 CCME raised to "Buy" from "Accumulate" at Global Hunter
Securities
Page13of21
73
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77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
BFW
12:13:24 CCME +11% raised to buy from accumulate at Global Hunter.
WSA
22:49:26 Dir Ying Buys $422K of CCME
12/7/2010
1,030,046
15.73
$
-4.7%
12/8/2010
697,772
15.07
$
-4.2%
12/9/2010
660,914
14.98
$
-0.6% BUS
8:45:01 CCME announces exercise of common stock purchase warrants
held by Starr International CME received net proceeds from the
warrant exercise of $10M.
BN
8:45:30 CCME exercises warrants, sees proceeds $10M
12/10/2010
1,634,060
15.52
$
3.6% WSA
11:22:51 CFO Lam buys 100,000 shares of CCME 12/9/10
12/13/2010
1,710,555
16.66
$
7.3% SEC
DEF 14A Filed
RE1
7:52:39 Lam buys 100,000 shares of CCME 12/9
FLY
9:21:04 China MediaExpress has resistance at the recent pivot high
$16.99
12/14/2010
1,072,988
15.76
$
-5.4%
12/15/2010
667,337
15.35
$
-2.6%
12/16/2010
2,620,934
15.73
$
2.5% BUS
8:45:00 CCME announces dividend policy on its common and preferred
shares. A semiannual cash dividend of 5% to 10% of CME's net
profit will be paid upon receipt of the related financial statements
by the Board.
BN
8:45:28 China MediaExpress to start paying common share dividend
FLY
9:13:58 China MediaExpress shares jump after dividend announcement
FLY
9:28:07 CCME: Pre-Market top 5 gainers
BFW
10:43:57 CCME +9% Starts semi-annual div for 5%-10% of net profit
BN
11:50:43 CCME jumped 6.2% to $16.30 and advanced to $17.12 earlier.
The co said it will start paying at least 5% of its profit as
dividends
FLY
14:01:29 Bright Elite lowers stake in CCME to 4.89% from 5.3%
BN
14:07:49 China MediaExpress Holder Bright Elite Cuts Stake to 4.89%
SEC
SC13D/A filed with SEC
12/17/2010
1,648,991
16.32
$
3.8% NS3
3:09:08 Microcap Stocks to Watch - CCME
FLY
8:31:11 CCME target raised to $26 from $24 at Global Hunter
FLY
10:42:08 China MediaExpress mentioned positively by Stansberry
Research
12/19/2010
RE3
23:48:51 China MediaExpress Holdings Declare Dividend Policy
12/20/2010
1,523,321
16.34
$
0.1%
12/21/2010
1,355,224
15.93
$
-2.5%
12/22/2010
494,427
15.89
$
-0.3%
12/23/2010
552,076
15.75
$
-0.9%
12/27/2010
410,769
15.63
$
-0.8%
12/28/2010
904,608
15.76
$
0.8% BUS
9:32:00 CCME launches new B2C shopping platform SWITOW for its
contracted advertisers (includes a magazine, website and
boutiques to be opened in certain major cities)
12/29/2010
286,919
15.71
$
-0.3%
12/30/2010
305,937
15.75
$
0.3%
12/31/2010
375,377
15.84
$
0.6%
1/3/2011
1,002,736
16.40
$
3.5%
1/4/2011
2,337,005
16.83
$
2.6%
1/5/2011
653,872
16.62
$
-1.2% RE3
1:08:45 China MediaExpress Holdings Launches B2C Shopping Platform
1/6/2011
1,080,810
16.33
$
-1.7%
1/7/2011
2,351,351
17.48
$
7.0% SEC
8-K filed
1/10/2011
2,141,528
17.17
$
-1.8%
1/11/2011
1,088,447
17.23
$
0.4%
1/12/2011
2,511,654
18.45
$
7.1% BUS
8:45:01 CCME ranked #1 in Forbes China
1/13/2011
5,130,828
20.65
$
11.9% BUS
10:10:01 CCME announces three new contracts
BN
10:11:06 China MediaExpress Holdings, Inc. Announces Three New
Contracts
Page14of21
74
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77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
FLY
10:11:15 China MediaExpress signs three new long-term agreements
BN
10:12:52 CCME adding 774 Express Buses to its network
BFW
11:53:07 CCME +8.8%: Signs 3 new contracts for 774 express buses
1/14/2011
2,604,734
19.63
$
-4.9%
1/18/2011
1,401,538
19.62
$
-0.1% ENTCUP
CME introduces 3 new long-term contracts adding 774 express
buses to its network
RE3
1:47:08 China MediaExpress Holdings Signs New Long-Term
Advertising Agreements
1/19/2011
2,427,035
20.18
$
2.9% RE3
0:51:34 Forbes lists China MediaExpress Holdings among Chinese
companies with the Greatest potential
RE3
0:52:38 China MediaExpress Holdings Unveils 3 New Contracts
NS1
18:00:46 China MediaExpress Secures Top Rank on Forbes China List
NS1
18:00:46 China MediaExpress Holdings Gets 3 New Contracts
INVDAI
China MediaExpress Holdings added 3% in strong turnover.
1/20/2011
1,288,113
19.65
$
-2.6%
1/21/2011
980,339
19.65
$
0.0% RE3
0:28:13 China MediaExpress Holdings Signs New Long-Term Ad Pacts
1/24/2011
1,295,471
19.16
$
-2.5%
1/25/2011
1,032,047
19.00
$
-0.8%
1/26/2011
792,600
19.56
$
2.9%
1/27/2011
5,556,238
22.81
$
16.6% FLY
9:44:58 CCME to produce the biggest short squeeze in decades,
according to the Street columnist Glen Bradford. About $125M
of stock in the company which has a market cap of about $1B is
sold short even through it is supposed to have profits of $140M
in FY11. Shorts are betting that CCME is a fraud, but Bradford
lists several reasons why this does not appear to be the case.
BN
9:52:34 May Be Huge Short Squeeze: Street.com Link
BFW
10:42:55 CCME +12%; Highest intraday since Nov. 8’s record close
STINS
CCME jumps after being highlighted as a short squeeze. Shares
are up 11.5% in early action.
BFW
10:51:36 China MediaExpress Reaches Record After Short Squeeze
Prediction
1/28/2011
6,002,252
20.86
$
-8.5%
1/31/2011
7,381,661
17.84
$
-14.5% FLY
12:54:46 CCME mentioned cautiously by Citron Research
STINS
CCME falls on negative Citron Report - Citron notes that CCME
alleges that their sales have grown from $2M four years ago to
$85M expected in FY11. "Over the last 8 quarters, CCME
reported generating $95M of cash flow after all CAPEX and for-
cash acquisitions. If true, this ROI would be one of the highest in
the world, and a complete outlier in the Chinese advertising
market." Citron contends that "No one in China has ever heard of
them. It is Citron's opinion that if this company were operating in
the US, the stock would have buckled long-ago over the lack of
transparency in its story.
2/1/2011
7,618,342
16.66
$
-6.6% FLY
8:27:52 China MediaExpress has support at the $15.50 area
BFW
8:59:24 China MediaExpress Falls as Much as 8.5% Pre-Mkt
INVDAI
On the downside, China MediaExpress Holdings (CCME)
tumbled 8% in pre-open trading as it looked to extend a
recent slide. A recently published report by Citron was highly
critical of the Chinese advertising firm, and raised questions
about some claims made by China MediaExpress management.
The stock has lost 22% in the past two sessions.
BUS
9:25:01 CCME comments on negative blog post of "Citron Research"
issued on Jan 31st. The company strongly disagrees with the
views expressed and believes that investors should rely on the
Company's public reports filed with the SEC
FLY
9:25:27 Pre Market top 5 losers
Page15of21
75
Case 1:21-md-02989-CMA Document 583-5 Entered on FLSD Docket 06/28/2023 Page 71 of
77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
BN
9:26:38 China MediaExpress Confirms Never Approached by Citron
Research
BN
9:27:23 Co says investors should rely on SEC filings
FLY
9:27:30 China MediaExpress Holdings announced its management has
become aware of the negative statements contained in the stock
blog "Citron Research" issued on January 31st
BFW
10:53:42 -5.3%; Citron calls stock “too good to be true”
Reuters
China MediaExpress dismisses report, shares rebound
2/2/2011
3,708,188
16.61
$
-0.3%
2/3/2011
21,608,490
11.09
$
-33.2% FLY
13:03:30 CCME initiated with a Strong Sell at Muddy Waters Research.
An estimated value of $5.28. Muddy Waters believes that CCME
is engaging in a massive "pump and dump" scheme whereby it
significantly inflates revenue and profits in order to enrich
management through earn-outs and stock sales.
BFW
13:05:11 China MediaExpress Extends Loss to Session Low, Down 7.8%
BFW
13:05:55 China MediaExpress Rated New Strong Sell at Muddy Waters
BFW
13:31:35 China MediaExpress Falls Most Since IPO On Muddy Waters
Report
FLY
14:17:42 China MediaExpress plunges after firm accuses company of
manipulation
VLU
14:55:31 China MediaExpress Holdings Crashes and Burns on Short
Sellers' "Pump and Dump" claims
BN
15:14:13 CCME slid 26% to $12.18; co was rated "strong sell" in new
coverage at Muddy Waters Research
BN
17:40:07 CCME plunged 33%; the biggest drop since the shares were
listed in 2007; co was rated "strong sell" in new coverage at
Muddy Waters Research
Reuters
18:45:00 CCME shares plummet on fraud allegation - shares sank 33% on
Thursday after a research report, for the second time this week,
called the company's financial results into question.
BUS
18:53:00 CCME to respond to misleading and inaccurate allegations from
Muddy Waters. The company denied the allegations made by
Muddy Waters and announced that it would as soon as possible
issue a public statement to refute these defamatory remarks.
BN
18:53:30 China MediaExpress Denies Reports By Muddy Waters
FLY
18:54:33 China MediaExpress to respond to misleading allegations from
Muddy Waters
BUS
19:30:00 Law Offices of Howard G. Smith announces investigation of
behalf of investors of CCME
FLYWAL
CCME plunges after firm accuses company of manipulation.
Muddy Waters alleges the company significantly overstated its
2009 revenue and tells important lies about its business. The firm
points out that like RINO, who was recently delisted by
NASDAQ due to alleged improprieties, CCME is an obscure
company in its industry. In mid-afternoon trading, CCME sang
25 65%
BUS
20:13:00 Levi & Korsinsky, LLP Launches an Investigation into Potential
Securities Fraud Claims against China Media Express Holdings
NBR
China MediaExpress…losing a third of its value. It disputed
some negative online comments. And That is tonight's "Market
Focus"
2/4/2011
13,776,098
13.89
$
25.2% BFW
7:36:10 China MediaExpress Denies Muddy Waters Report After Falling
38%
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77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
BUS
9:48:00 Holzer Holzer & Fistel LLC is Investigating Potential Violations
of Federal Securities Laws by China MediaExpress
BN
13:44:09 Co says fraud allegations are inaccurate (Update at 14:51 as well)
BN
15:09:46 CCME shares surged 27% as company says its preparing a
rebuttal of allegations
FLY
16:16:19 CCME rose 27% to $14.14, after it responded with a rebuttal to
allegations from short-seller Muddy Waters Research
BN
16:29:48 CCME surged 25%; preparing rebuttal of Muddy Waters
allegations
BN
16:31:40 China MediaExpress Says Fraud Allegations Are Wrong
(Update2) (update 3 at 17:00)
BN
17:46:04 China MediaExpress surged 25% to $13.89, the biggest jump on
record. The company, which displays ads in Chinese buses, said
a report by Muddy Waters research is “misleading and
inaccurate,”
BUS
18:14:01 Robbins Geller Rudman & Dowd LLP Files Class Action Suit
Against CCME
BUS
19:03:01 Federman & Sherwood has Launched an Investigation of China
MediaExpress Holdings, Inc. for Possible Violations of Federal
Securities Laws
2/7/2011
14,405,066
13.14
$
-5.4% BW
9:00:00 Statement on CEO letter to shareholders
BUS
9:10:00 China MediaExpress Holdings, Inc. Responds to Misleading and
Inaccurate Allegations
FLY
9:12:12 China MediaExpress posts letter relating to recent allegations. Co
announced that it has made available on its website
FLY
9:17:52 CCME pre market top 5 gainer
BN
9:44:16 CEO calls fraud allegations misleading
BFW
9:58:08 China MediaExpress Sends Holders Letter; Allegations
Misleading
MWR
12:32:51 Dyer & Berens LLP Files Class Action Lawsuit on Behalf of
Investors Who Purchased China MediaExpress Holdings between
11/8/10 and 2/3/11
FLY
12:54:57 China MediaExpress rumored to have mismatched SEC filings
BN
15:13:52 China MediaExpress Denies Fraud Allegations From Three Firms
BN
16:26:26 China MediaExpress Denies Fraud Allegation in Reports
(Update1)
APRS
17:13:00 CCME shares battered; CEO fires back at a series of allegations.
Shares of CCME came under further pressure Monday and fell
5.4% in US trading after recovering some since falling 33% on
Thursday. CCME issued an open letter rebutting allegations from
Citron Research and Muddy Waters that CCME exaggerated its
revenue and the number of buses it has under contract. CCME's
CEO Zheng Cheng countered that the firms making the
allegations are actually short sellers - that is investors who profit
when a stock falls. He said it was no coincidence that Muddy
Waters issued its report on Chinese New Year, when the
company was not likely to respond but US markets remained
open
FLYWAL
CCME rumored to have mismatched SEC filings, Seeking Alpha
says.
Page17of21
77
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77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
STINS
10:06:00 CCME rises as founder rebuts short-seller allegations. CCME's
CEO issues letter to shareholders rebutting recent factual
inaccuracies and misleading innuendo employed by bloggers for
their self-benefit. The Company will actively resist the efforts of
these short sellers. First and foremost, THE COMPANY
CATEGORICALLY DENIES THE ALLEGATIONS MADE IN
THESE PUBLICATIONS
FORBES
Is China MediaExpress a Fraud?
BN
17:28:21 CCME fell 5.4% after Dyer & Berens filed lawsuit on behalf of
investors over accusations the co "misrepresented" its financial
situation
BUS
21:15:00 Glancy Binkow & Goldberg LLP, Representing Investors of
China MediaExpress
2/8/2011
5,875,179
13.70
$
4.3% BUS
17:29:00 Robins Umeda LLP Announces an Investigation of China
MediaExpress
2/9/2011
1,992,650
13.66
$
-0.3% BUS
20:15:01 Law Offices of Howard G. Smith announces investigation of
behalf of investors of CCME
2/10/2011
2,164,128
13.39
$
-2.0% BUS
14:56:01 The Rosen Law Firm Files Class Action Charging China
MediaExpress with Securities Fraud
BUS
17:46:01 Abraham, Fruchter & Twersky, LLP Announces Filing of Class
Action Lawsuit against China MediaExpress Holdings, Inc.
2/11/2011
4,228,359
11.92
$
-11.0% BUS
21:35:00 Ryan & Maniskas LLP announces Class Action Lawsuit Against
China MediaExpress
BUS
23:00:00 KSF LLC remind investors only 53 days left to file lead plaintiff
applications in securities fraud class action lawsuit against
CCME
2/14/2011
1,710,155
12.80
$
7.4%
2/15/2011
2,317,171
12.70
$
-0.8%
2/16/2011
1,436,414
12.65
$
-0.4% BUS
17:14:00 Bernstein Liebhard Announces Filing of Class Action Against
China MediaExpress
2/17/2011
9,089,447
14.26
$
12.7% BFW
8:50:00 Up 11% pre-market on Global Hunter report; due diligence from
China visit last week gives confidence in original thesis for
growth prospects. Buy.
FLY
8:53:35 CCME reiterated at Buy at Global Hunter
FLY
9:20:50 CCME pre-market top 5 gainer
ENTCUP
Forbes lists China MediaExpress Holdings among Chinese
companies with the Greatest potential
BFW
10:30:22 CCME +15%; Global Hunter confident on growth after visit
FLY
14:53:29 CCME reiterated strong sell at Muddy Waters
FLY
14:57:57 Muddy Waters reiterated strong sell; believe Global Hunter
report and Chairman Chengs letter on Feb. 7th contain gross
misstatements of fact.
2/18/2011
3,752,484
14.42
$
1.1% FLY
10:09:06 CCME mentioned cautiously by Citron Research
2/22/2011
2,077,125
14.11
$
-2.1%
2/23/2011
1,491,409
14.25
$
1.0%
2/24/2011
759,930
14.40
$
1.1%
2/25/2011
1,316,757
14.46
$
0.4% MWR
14:17:32 Milberg LLP filings securities fraud class action against CCME
2/28/2011
1,516,720
14.11
$
-2.4%
3/1/2011
3,003,578
12.27
$
-13.0% BN
10:11:41 SEC short sale rule 201 is in Effect
3/2/2011
5,933,810
13.09
$
6.7% Muddy Waters
Muddy Waters LLC, has amassed irrefutable evidence that
CCME is a substantial fraud, and that management is engaging in
a cover-up replete with further dissemination of fraudulent
information.
BN
6:37:16 SEC short sale rule 201 continued
BFW
11:22:00 CCME down as much as 12% to lowest since Feb 3; falls 12%
on Muddy Waters note.
FLY
11:00:17 CCME has substantial fraud says, Muddy Waters
Page18of21
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77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
FLYWAL
CCME has substantial fraud, says Muddy Waters Research.
Muddy Waters says it has amassed irrefutable evidence that
CCME is a substantial fraud, and the management is engaging in
a cover-up replete with further dissemination of fraudulent
information. In light of the nature of the evidence, we believe
that a de-listing from NASDAQ is not improbable; further, we
believe that management stands to lose additional credibility. We
therefore reduce our estimated value by one-third to $3.54.
BFW
12:16:38 CCME -5.8%; Negative Muddy Waters note
STINS
CCME "Recovers Losses"; fell over 12% earlier today triggering
short sale rule 201 which limits short sales only on uptick.
3/3/2011
3,224,581
13.18
$
0.7% STINS
CCME moves higher on CNBC report Muddy Waters
"Hoodwinked"
3/4/2011
1,312,851
13.10
$
-0.6% BN
6:30:24 SEC short sale rule not in effect
3/6/2001
FLYWAL
Muddy Waters' bearish bets on Chinese reverse-mergers, Barron's
reports. Barron's interviewed Carson Block, founder of Muddy
Waters Research, on problems in the market for Chinese reverse-
merger companies. The poor performance of many so-called
reverse-merger stocks was scrutinized by Barron's last summer
and the SEC now is investigating possible abuses in this market.
Block issued negative reports on ONP, RINO and CCME
FLY
22:54:39 Muddy Waters' bearish bets on Chinese reverse-mergers…
3/7/2011
1,430,314
12.99
$
-0.8%
3/8/2011
2,435,473
13.00
$
0.1% FLYWAL
CCME moves up on speculation of a potential investment
FLY
10:59:01 CCME moves up on speculation of potential investment in
company
BFW
11:02:38 China MediaExpress Jumps 5.9% to Session High
3/9/2011
1,176,526
13.06
$
0.5% MWR
16:43:42 Saxena White P.A. announces class action has been filed against
CCME
STINS
China Shen Zhou (SHZ) Sees Further Downside On Research
Report
3/10/2011
1,426,721
12.41
$
-5.0%
3/11/2011
503,899
11.88
$
-4.3% BN
10:12:00 Trading Halted - news pending
BFW
12:29:02 Roth Capital Orange County Growth Stock Conference in
California 3/15 - 3/17
3/14/2011
BN
7:00:00 Trading Halted - reason not available
PRN
15:33:00 CCME announced Deloitte Touche Tohmatsu resigned by letter
on March 11, 2011. Following receipt of the letter, CFO Jacky
Lam resigned as well. Q4 earnings and 10-K will be delayed.
DTT letter said DTT no longer able to rely on the representations
of management and recommended independent investigation.
BN
15:33:33 China MediaExpress Holdings, Reports Resignation of
Independent…
BN
15:34:01 China MediaExpress Says Deloitte Touche Resigned as
Accountant
BN
15:34:09 China MediaExpress, Inc. Announces Resignation of CFO
BN
15:34:21 China MediaExpress to Delay 4Q Earnings Release
BN
15:34:56 China MediaExpress says DTT recommended some issues be
probed
FLY
15:35:12 China MediaExpress CFO Independent auditor resign
BN
15:35:44 China MediaExpress to authorize independent committee to
probe
BN
15:36:31 DTT says issues may have adverse implication on reports
BN
15:37:27 CCME to delay 10K filing
Page19of21
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77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
PRA
15:38:05 China MediaExpress Holdings, Inc. Announces Resignation of
Independent Auditor and CFO; 2010 Year End Results and filing
of 10-k to be delayed
BFW
15:43:57 CFO, Auditor Deloitte Resign; Delays 10-K
FLY
16:37:58 CCME trading status changed at NASDAQ
BN
17:06:09 CFO resigns, auditor calls for investigation
BN
17:48:58 Update (1) CFO resigns, auditor calls for investigation
BN
19:21:39 Update (2) CFO resigns, auditor calls for investigation; "This
isn't surprising. We've stated several times that this is major
fraud," said Carson Block of Muddy Waters
3/15/2011
SCMP
Mainland firms leave bad taste in the Big Apple. …shareholders
of China MediaExpress nervously awaiting news from company
after it halted trading late last Friday following flurry of attacks
from hedge fund short sellers…
BN
7:00:00 Trading Halted - reason not available
BN
10:15:00 Audit Watchdog Warns of Lax Exams of U.S.-Listed Chinese
Firms
FLY
13:31:53 China MediaExpress coverage suspended at Global Hunter
SI
13:42:00 Global Hunter suspends coverage of CCME
BN
16:18:45 Co dropped by two analysts after auditor quits
3/17/2011
BN
16:57:00 Independent director Dorothy Dong from C.V. Starr, the
investment company owned by former AIG CEO Hank
Greenberg, and CCME's third largest shareholder, resigned.
CCME's conduct "raised serious questions in my mind as to
whether my continued membership on the board" serves any
purpose.
BN
15:38:24 CFO/Director Jack Lam Resigned
SEC
8-K filed
BN
15:39:28 CCME says Lam's Letter indicated disagreement on response
BN
15:42:53 Comes says DTT had requested independent probe
BN
15:45:47 Dorothy Dong also resigned as director
BN
15:46:15 CCME says Dong cited disagreement on mgmt conduct
BUS
20:30:00 Hagens Berman Reminds Comes investors with losses over 50k
of filing deadline
3/21/2011
PRN
12:05:12 China MediaExpress Holdings, Inc. Receives Notification from
Nasdaq
BN
12:05:12 CCME gets notification from Nasdaq
BFW
12:07:18 co gets notification from Nasdaq to submit a plain of compliance
regarding its 10k
FLY
12:07:25 Nasdaq - submit plan of compliance regarding 10-k
BN
15:17:15 Global Hunter's China MediaExpress Analyst Left -
TheStreet.com
BN
16:53:00 Starr International sued CCME and DTT saying it was
fraudulently induced into investing about $13.5 million.
BUS
20:47:00 Hagens Berman Notifies CCME Investors Class Period Expands
from May 14, 2010 - March 11, 2011
Barron's
A Return Visit to Earlier Stores: Trading Halt, Resignations
Raise More Questions About China MediaExpress.
3/22/2011
SEC
NT 10-K filed
BN
11:44:15 China MediaExpress Says Committee to Probe Finl Record
Concerns( 11:45:22 related to 2010 statements)
FLY
11:45:50 China MediaExpress delays 10-K filing on pending internal
investigation
BFW
11:55:39 Co delays filing, citing CFO, auditor resignations reported last
week
3/24/2011
RE3
0:24:39 Hagens Berman Reminds CCME Investors of Lawsuit Deadline
FS1
4:03:01 Financial state alert (Delinquent): CCME (Nasdaq)
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77
Date
Volume
Price
% change
Source
Time
Event
China MediaExpress Holdings, Inc.
Event Chronology
NS1
17:59:43 Hagens Berman Updates on Filing Deadline for CCME
3/28/2011
PRN
9:30:00 Zacks Investment Ideas Feature Highlights: KongZhong, Trina
Solar and Baidu. Chinese Stocks: Down, but Not Out.
3/29/2011
SEC
8-K/A filed
BN
13:45:43 China MediaExpress Says DTT Informed It of 'Lost Confidence'
BN
13:46:07 China MediaExpress Says Management Representations Cited
BN
13:47:32 Co says DTT requested no reliance on '09 report
BN
13:52:27 CCME says DTT declines association w/ '10, '11 financial
statements
BFW
13:58:45 China MediaExpress Auditor Wants No Association With 2010,
2011
3/30/2011
BUS
21:26:00 Hagens Berman Reminds Comes Investors with Losses
Exceeding $300K of April 5 lead Plaintiff Deadline
3/31/2011
SEC
8-K/A filed
5/19/2011
14,137,760
2.16
$
-81.8%
Delisted NADSAQ; starts trading OTC
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