OTCPK:TOUBF - Post by User
Post by
bendergardenon Jun 03, 2011 8:21pm
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Post# 18670404
Market response to Sino release
Market response to Sino release
Obviously the market in general is not much swayed by Sino Forests rebuttal at 10:30 this morning.
I don't know whether it's because other companies have habitually (no surprise of course) denied similar allegations, and then gone down in flames anyway, which most of them have...
Or whether it is because some of the allegations are viewed as insurmountable
Or just a general climate of utter fear.
I am not really sure.
Sino Forests response was quite a bit tamer than I expected. The attempted criticism of Muddy Waters was a bit ill advised I thought. Muddy Waters has always been quite upfront about the fact that they are shorting the stocks they report on, this is not news. It hasn't stopped them from being right in the past, which is the key point.
Sinoforest has also basically said "we'll get back to you on this, and give the quarterly in a month". I think the market would have liked to have seen a drive for immediate, vigorous, fact based counterattack attack on the allegations, point by point. I don't think the market is too happy with the "we'll look into this" stance.
Anyway, how are the rest of you percieving the situation. And what do you think of Sino's response?