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Pastimes : Investment Chat Board Lawsuits
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To: Jeffrey S. Mitchell who wrote (622)8/20/2000 7:50:31 PM
From: StockDung   of 12465
 
"OJ was acquitted but everybody on the earth knew he committed the crime"...

By: frisky $$$
Reply To: 25263 by xcit $$$ Friday, 18 Aug 2000 at 8:14 PM EDT
Post # of 25300


OJ was acquitted but everybody on the earth knew he committed the crime.

You must have been very naive and said that ZSUN had done nothing wrong. ZSUN has done many terrible things to mislead the gullible investors. I am just going to give you a few:
(1) Changed its 1998 EPS eight times. The crook accountant offered all 8 versions of financial statements with unqualified opinion. Significantly revised the sales and EPS without offering any explanations. The gullible investors who bought the stock with false and misleading information are suffering.
(2) Did not want to distant itself from the counsel who was convicted in a pump-and-dump scheme.
(3) Portrayed itself as a profitable Internet holding company while 85% to 90% of the revenues from a daytrading seminar subsidiary.
(4) Exchanged its own shares with the related parties. Therefore, it could shift the additional paid-in capital into realized and unrealized gain on marketable securities.
(5) Constantly misled the gullible investors with the EBITDA EPS.
(6) Has never separated the non-operating or non-recurring items such as realized and unrealized on marketable securities, gain on sale of a subsidiary from the operating items. In fact, ZSUN used these items to disguise the poor performance of its Internet businesses. In 1999, more than 60% of the reported earnings are from the sale of AFSI and realized and unrealized gain of marketable securities.
(7) Used the paid touts to masquerade as unbiased financial analysts without disclosing the amount of compensations.
(8) Violated FASB statement 115 by putting the paper gain of AFSI in the income statement to disguise its net loss in the second quarter of 2000. According to FASB statement 115, the paper gain of available for sale securities can only be adjusted in the total shareholders’ equity. Besides, AFSI has no liquidity but has an absurd market capitalization under the tightly controlled float. ZSUN did not even bother to put a footnote to tell the gullible investors.
(9) Constantly used the press released to pump up the stock price. Many of those press releases are either false or exaggerated.
(10) Overpaid former OIA shareholders and carried the badwill in the book so the shareholders would suffer for ten years.

IMHO, ZSUN is worth no more than $.24.

ragingbull.altavista.com
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