The good people at Bloomberg report that Carson Block, the short seller whose assertions of financial manipulation by Sino-Forest Corp. (TRE) preceded a 71 percent plunge in the forestry company’s shares last week, said he will release more research “pretty soon.”
He will address Sino-Forest’s 2010 purchase of engineered- wood products company Homix Ltd. and the company’s majority stake in Greenheart Group Ltd. Sino-Forest said Block’s statements are false and that it’s studying its legal options. It appointed PricewaterhouseCoopers to assist with its investigations of allegations by Block’s Muddy Waters Research.
“We didn’t really do our accounting tour de force,” said Block, the founder of Hong Kong-based Muddy Waters who’s said he doesn’t like to give his exact address because he’s received death threats. “Our resident accounting monster is chomping at the bit to get going.”
Block, who stands to make money from declines in Sino Forest’s share price, has published research on Chinese companies at Muddy Waters that preceded declines totaling almost $4.4 billion from five of them since before publication through June 3. The firm focuses on what it says are under-researched companies….
Find out more at:
http://www.bloomberg.com/news/2011-06-07/muddy-waters-to-release-more-sino-forest-research-after-sparking-71-slump.html
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