Focus Media Holding Ltd. (FMCN) Audit is Complete
Focus Media Holding Limited (Nasdaq: FMCN - News), China's largest out-of-home multi-platform life-style media company, announced today that it had filed its previously delayed annual report on Form 20-F together with the audited financial statements for the year ended December 31, 2006.
The Company further announced that the Audit Committee has completed its previously disclosed investigation into allegations made by U.S. Counsel to an investor described as holding a short position in Focus Media stock. The results of the investigation have been discussed with the Company's independent Registered Public Accounting firm.
Based upon its review of the evidence, the Audit Committee concluded that nothing has come to its attention -- apart from the initial allegations that gave rise to the investigation -- that would cause the Audit Committee to believe that Focus Media made undisclosed rebate payments to a third party advertising agency through another advertising agency, namely, Everease. The Company has informed Investigators that it has concluded that Everease is a related party based upon information developed during the investigation. Based upon its review of the evidence, the Audit Committee concurs with the Company's conclusion that Everease should be deemed a related party.
The Company further announced that the Audit Committee has completed its previously disclosed investigation into allegations made by U.S. Counsel to an investor described as holding a short position in Focus Media stock. The results of the investigation have been discussed with the Company's independent Registered Public Accounting firm.
Based upon its review of the evidence, the Audit Committee concluded that nothing has come to its attention -- apart from the initial allegations that gave rise to the investigation -- that would cause the Audit Committee to believe that Focus Media made undisclosed rebate payments to a third party advertising agency through another advertising agency, namely, Everease. The Company has informed Investigators that it has concluded that Everease is a related party based upon information developed during the investigation. Based upon its review of the evidence, the Audit Committee concurs with the Company's conclusion that Everease should be deemed a related party.
Labels: FMCN, Focus Media Holding Ltd.
posted by Stock Administrator @ 9:03 AM
0 Comments:
Post a Comment
<< Home