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==Alleged fraud==
==Alleged fraud==
In November 2011, [[Muddy Waters Research]] reported massive [[fraud]] and corruption within the company.<ref>{{cite web |url=https://www.reuters.com/article/us-focusmedia-shares-idUSTRE7AK1ZR20111121 |title=Focus Media plunges after Muddy Waters charges|author=Soham Chatterjee and Ryan Vlastelica |date=21 November 2011 |publisher=Reuters |access-date=25 November 2011}}</ref> Focus denied the allegations. On May 2013, the company was subsequently taken private and delisted rom the [[Nasdaq]] by a [[private equity]] consortium that included [[FountainVest Partners]], [[The Carlyle Group]], [[China Everbright Limited|China Everbright]] and CITIC Capital.<ref>{{Cite web |date=2012-12-21 |title=Focus Media accepts US$3.7b buyout offer |url=https://www.scmp.com/business/companies/article/1109404/focus-media-accepts-us37b-buyout-offer |access-date=2023-06-22 |website=South China Morning Post |language=en}}</ref>
In November 2011, [[Muddy Waters Research]] reported massive [[fraud]] and corruption within the company.<ref>{{cite web |url=https://www.reuters.com/article/us-focusmedia-shares-idUSTRE7AK1ZR20111121 |title=Focus Media plunges after Muddy Waters charges|author=Soham Chatterjee and Ryan Vlastelica |date=21 November 2011 |publisher=Reuters |access-date=25 November 2011}}</ref> Focus denied the allegations. In May 2013, the company was subsequently taken private and delisted rom the [[Nasdaq]] by a [[private equity]] consortium that included [[FountainVest Partners]], [[The Carlyle Group]], [[China Everbright Limited|China Everbright]] and CITIC Capital.<ref>{{Cite web |date=2012-12-21 |title=Focus Media accepts US$3.7b buyout offer |url=https://www.scmp.com/business/companies/article/1109404/focus-media-accepts-us37b-buyout-offer |access-date=2023-06-22 |website=South China Morning Post |language=en}}</ref>


In June 2015, Focus Media reached a $7.4 Billion deal to list on [[Shenzhen Stock Exchange]] via reverse merger.<ref>{{Cite news |last=Gough |first=Neil |date=2015-06-03 |title=Focus Media Reaches $7.4 Billion Deal to List in Shenzhen |language=en-US |work=The New York Times |url=https://www.nytimes.com/2015/06/04/business/dealbook/focus-media-in-shenzhen-listing-deal.html |access-date=2023-06-22 |issn=0362-4331}}</ref>
In June 2015, Focus Media reached a $7.4 Billion deal to list on [[Shenzhen Stock Exchange]] via reverse merger.<ref>{{Cite news |last=Gough |first=Neil |date=2015-06-03 |title=Focus Media Reaches $7.4 Billion Deal to List in Shenzhen |language=en-US |work=The New York Times |url=https://www.nytimes.com/2015/06/04/business/dealbook/focus-media-in-shenzhen-listing-deal.html |access-date=2023-06-22 |issn=0362-4331}}</ref>

Latest revision as of 22:36, 2 January 2024

Focus Media
Company typePublic
SZSE: 002027
IndustryAdvertising
Founded2003
HeadquartersShanghai, China
Key people
Jason Jiang, Chairman
Zhi Tan, CEO
Mingdong Wu, CFO
Congrong Chen, COO
Revenue$68.229 million USD (2005)
$22.786 million USD (2005)
$23.548 million USD (2005)
Number of employees
3548
Websitehttp://www.focusmedia.cn

Focus Media Information Technology, formerly Focus Media Holding, is a Chinese company which operates out-of-home advertising in China which consist predominantly of digital signage screens and claims to own the country's largest Internet advertising agency.

Alleged fraud[edit]

In November 2011, Muddy Waters Research reported massive fraud and corruption within the company.[1] Focus denied the allegations. In May 2013, the company was subsequently taken private and delisted rom the Nasdaq by a private equity consortium that included FountainVest Partners, The Carlyle Group, China Everbright and CITIC Capital.[2]

In June 2015, Focus Media reached a $7.4 Billion deal to list on Shenzhen Stock Exchange via reverse merger.[3]

References[edit]

  1. ^ Soham Chatterjee and Ryan Vlastelica (21 November 2011). "Focus Media plunges after Muddy Waters charges". Reuters. Retrieved 25 November 2011.
  2. ^ "Focus Media accepts US$3.7b buyout offer". South China Morning Post. 2012-12-21. Retrieved 2023-06-22.
  3. ^ Gough, Neil (2015-06-03). "Focus Media Reaches $7.4 Billion Deal to List in Shenzhen". The New York Times. ISSN 0362-4331. Retrieved 2023-06-22.

External links[edit]

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