Advanced Battery Technologies has a staff of over 800 workers at the 3 subsidiaries. However, in the Prescience and the VVR "short and distort reports", the workers were referred to as "shleps" and the facilities are referred to as "4 empty walls" Almost comically, this was picked up verbatim in the plaintiffs accusations against ABAT. See page 23 of this report http://www.scribd.com/doc/109458043/Amended-Complaint-Part-1 What I find incredibly ironic is that the plaintiffs refer to this section of their report as "The Truth begins to Emerge" as though merely claiming something makes it so. It does not. And this section of the report entitled "The Truth begins to Emerge" contains falsehoods. For starters, this witness who was clearly upset about a mishandled order cannot remember if he visited the factory in 2008 or 2009 and yet Plaintiffs included this in their report. It was highly relevant because ABAT did not fully acquire Wuxi until May of 2009. Furthermore, it seems that the client purchased this order from the previous owners who botched the order but held ABAT responsible.
In any case, the pictures below will dispel any notion that this company is a "shell" or a "fraud" or that the subsidiaries consist of "4 empty walls". ABAT's workers are clearly disciplined, hard working, healthy and more than capable of productivity. The false depiction of the short sellers reports which was picked up by the plaintiffs lawyers was injurious to the shareholders and company. Whether or not ABAT's financial report reflected reality is a separate story. The point here is that the short seller report instilled false fear and inaccurate conjecture about several factors of the company creating great pain for the shareholders and the company. The Honorable Judge Colleen McMahon refers to the multi-causal reasons for the price depression in her comments about "disaggregating factors" that will have to be examined if the case moves into discovery rather than settlement. That opinion is available here on page 23.
http://www.scribd.com/doc/118645021/Judge-denies-ABAT-Dismissal-Grants-Auditor-Dismissal
In any case, the pictures below will dispel any notion that this company is a "shell" or a "fraud" or that the subsidiaries consist of "4 empty walls". ABAT's workers are clearly disciplined, hard working, healthy and more than capable of productivity. The false depiction of the short sellers reports which was picked up by the plaintiffs lawyers was injurious to the shareholders and company. Whether or not ABAT's financial report reflected reality is a separate story. The point here is that the short seller report instilled false fear and inaccurate conjecture about several factors of the company creating great pain for the shareholders and the company. The Honorable Judge Colleen McMahon refers to the multi-causal reasons for the price depression in her comments about "disaggregating factors" that will have to be examined if the case moves into discovery rather than settlement. That opinion is available here on page 23.
http://www.scribd.com/doc/118645021/Judge-denies-ABAT-Dismissal-Grants-Auditor-Dismissal