Muddy Waters Comments on Focus Media Going-Private Report
Muddy Waters says, "Based on our well-documented conclusions of fraud and self-dealing, investors are clearly better off with Focus Media no longer participating in US capital markets. We note that many pension funds and endowments will presumably be the new owners of this company when the deal closes. Should Focus be unable to meet its sizable debt obligations, we encourage regulators and fund investors to ask hard questions about the rationale and due diligence process underlying this purchase."
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