Some of you might not know this, but a research house used to consistently give "buy" calls on the stock, and when the default happened, they simply "ceased coverage". How convenient. Take some research reports with a pinch of salt, some of the research houses are paid by the company to write reports, so you can guess what their recommendations will be.
I agree about the research houses. I suppose if they can make some quick bucks to write what some companies want them to write, they would do it; and we wouldn't know, since we didn't pay for their services.
Will the shareholders be able to team up and file for a class suit in Singapore against the company, which includes the IDs, CFO and auditor? Are there any organisations in Singapore who will take up the case.
I am not vested but I fume whenever I see such things happen and poor retail investors losing hard earned money.
sykn wrote: I want to launch a complain to / against SIAS. Anyone who's ever done it - please advise how to. Just write them a letter, or do they have some channel of redress?
Yes, this is exactly what I had in mind. Stocks investing is not tikam tikam. For those depending on it to make a living, this is a deadly serious affair. How can we pride ourselves to be a first world country when such things can be allowed to happen right under our noses without any consequences? Some may laugh at those "dumb enough" to even invest in Eratat in the first place, but poor stock picking is not the same as fraud. Even you pick the worst possible bank in Singapore to keep your money, you wouldn't expect the bank's CEO to run away with your money. At most it declares bankrupt and we collect what's left. But stealing our money is outrageous.