Orient Paper Inc.

Orient Paper is a fraud — revenues overstated 27x in 2008 and ~40x in 2009, assets inflated 10x, ~$30M of investor raises misappropriated; fair value under $1 vs. $8.43.

Muddy Waters stands by its ONP fraud thesis: the Baoding factory is incapable of producing reported output, and the 'rejected $300K research fee' vendetta narrative is fabricated.