http://boards.fool.com/the-law-firm-of-levi-amp-korsinsky-ll...The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Yongye International, Inc. in Connection with the Proposed Sale of the Company to its Chairman and CEO11:54a ET October 15, 2012 (Business Wire)Levi & Korsinsky is investigating the Board of Directors of Yongye International, Inc. ("Yongye" or the "Company") (NASDAQ: YONG) for possible breaches of fiduciary duty and other violations of state law in connection with the proposed sale of the Company to a consortium led by its Chairman and Chief Executive Officer, Mr. Zishen Wu.Click here to learn how to join the action: http://zlk.9nl.com/yongye-international-yong, or call: 877-363-5972. There is no cost or obligation to you.Under the terms of the proposed transaction, Yongye shareholders would receive $6.60 per share in cash. The investigation concerns, among other things, whether the proposed consideration to be paid to Yongye shareholders is unfair, inadequate, and substantially below the fair or inherent value of Yongye. In particular, Yongye stock has a reported book value of $7.64 for the most recent quarter.If you own common stock in Yongye and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://zlk.9nl.com/yongye-international-yong.Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.SOURCE: Levi & Korsinsky, LLPLevi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. Tel: 212-363-7500 Toll Free: 877-363-5972 Fax: 212-363-7171 www.zlk.com
Hey, it just dawned on me. For the first time I can remember, I may be rooting for an ambulance chasing law firm. LOL
.....and it goes out with a fizzle. A sad end for a "Go to the moon investment". Money spent here would probably have been better invested in Apple. Apple appears to be gaining much of the promise of China that would seem to elude most YONG investors as the huge to the moon upside will now be in private hands......which may be good because those private investors will also now own any and all of the downsides while everyone else gets to finally move on to hopefully greener pastures with hopefully many lessons learned.The lesson for me seems to be careful speculating in countries in a different culture without a understanding of that culture and the risks in the investment. Also, I am more aware that emerging markets often enter bubbles and when the bubbles collapse it can take 5, 10 maybe even 15 years to get things back in order.Starrob
Money spent here would probably have been better invested in Apple. I'm not complaining. Even at $6.60 in what I consider the worst case scenario since my fears of fraud were mitigated, I'll make more on YONG than any other investment in my career so far. In retrospect, I would do it all the same. That being said, I am cautiously optimistic that the final go-private price will be higher than $6.60.btw - earnings release is this friday before market open
"I'm not complaining. Even at $6.60 in what I consider the worst case scenario since my fears of fraud were mitigated, I'll make more on YONG than any other investment in my career so far. In retrospect, I would do it all the same. That being said, I am cautiously optimistic that the final go-private price will be higher than $6.60" mekong22For me the whole YONG exercise was a complete waste of time. If I had stayed in a would have still made less than more than a few stocks that I am currently in. So for me, the time in YONG was opportunity cost that I could have made better returns in other stocks with much less risk.Let's not forget that the risk that many said would never happen seems to be rearing it's ugly head which in it's ultimate worse case scenario could sens YONG and it's ilk to zero:"Few episodes illustrate more clearly the pig’s ear the United States has been making of globalization than the scandal of “red collar crime.” The phrase has been coined by my Forbes colleague Joshua Brown to describe a pattern of stock scams emanating from mainland China and targeting millions of unsuspecting American investors. Until recently such scams, which have been facilitated by both the Wall Street investment banking community and by the American accounting profession, have been largely overlooked by the American and British financial press. Yet, according to an analysis by TheStreet.com, American investors’ losses had already by last year totaled $34 billion.Now finally the Securities and Exchange Commission has acted. SEC enforcement director Robert Khuzami yesterday charged the Chinese affiliates of five big accounting firms on Monday with violating securities laws because they had failed to provide requested documentation on the audits of several China-based companies under investigation for fraud.This puts Washington and Beijing on what could turn out to be an epic collision course. Certainly, if Khuzami, a tough Lebanese-American lawyer, has the guts to follow through, we will be treated to a rare insight into where the masters of the universe really hang their hats these days."cont'dhttp://www.forbes.com/sites/eamonnfingleton/2012/12/04/this-...
For me the whole YONG exercise was a complete waste of time. I understand how you could feel that way, it's certainly not unreasonable. But for many of us that were confident the shares were undervalued and bought aggressively around the $3 range despite being under water on our earlier purchases, YONG has been a very profitable investment.the risk that many said would never happen seems to be rearing it's ugly head which in it's ultimate worse case scenario could sens YONG and it's ilk to zeroEven if YONG wasn't heading toward going private, and if any chinese stocks do get delisted (still a big if), I would argue it would still be unlikely that shareholders wind up losing all or most of their investment in legitimate US listed chinese companies.
"I understand how you could feel that way, it's certainly not unreasonable. But for many of us that were confident the shares were undervalued and bought aggressively around the $3 range despite being under water on our earlier purchases, YONG has been a very profitable investment." Mekong22As I said earlier I got similar type profits in other stocks without the angst of dealing with constant threat of blow-up due to many different type issues....the risk was extremely high in this stock.....always has been....Even though, the situation worked out for some the odds were high that everyone could have walked away with zero. Chinese companies do not have to treat US investors with any type of kindness. The company had the possibility of being stolen right out from US investors interest with little recourse for US investors doing anything about it......now it looks like all Chinese stocks might collapse until China and the US come to some sort of agreement that better protects US investors. Starrob"Even if YONG wasn't heading toward going private, and if any chinese stocks do get delisted (still a big if), I would argue it would still be unlikely that shareholders wind up losing all or most of their investment in legitimate US listed chinese companies." Mekong22It was also said that the US would never make the decision to go against the auditors too and yet that possibility still happened. I maintain that if the US stocks had got de-listed, that very little could be done if Chinese investors simply "stole" the company, in which case the investment for US investors would go to zero.....the odds of that to me seem quite high......just as I said earlier the odds that the US would go this route against the Chinese auditors was much higher than cheerleaders of YONG on this board suggested with their many "expert articles....I estimated the odds to be 50-50 coin flip.Just as I estimate the odds of many Chinese companies going to zero upon delisting as a 50-50 coin flip. Even if many of the stocks did not go to zero.....many stocks would be impacted enough to make the investment for many unprofitable or barely break-even.No Thanks.....I have stocks with much less risk where I could make the same or better returns over time. I know that because I have already significantly out-performed most of these Chinese small cap stocks including YONG.Starrob
I know that because I have already significantly out-performed most of these Chinese small cap stocks including YONG.I'm not sure what period you're referring to, but if you've significantly outperformed the 60%+ that many of us have made in the past six to nine months since several folks on this board started getting really excited about the risk/reward prospect on YONG earlier this year, then you've really done well. I mean that with sincerity. I wish I could earn that much overall on my portfolio.
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