Audience (ADNC) Slammed, Recovers After Hoax

January 29, 2013 2:41 PM EST
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In a follow up to earlier speculation, Muddy Waters said they have no report on Audience (NASDAQ: ADNC) and the tweet attributed to them was a hoax.

"$ADNC There is NO report. This is a hoax. MW does not know this company."

Shares of Audience were paused on a circuit breaker mid-day after a massive spike down as traders thought the short selling firm Muddy Waters was involved.

A twitter account @Mudd1waters is being attributed to the mix-up and subsequent spike lower. Earlier in the day it was tweeted from this account:

"AUDIENCE noise suppression company being investigated by DOJ on rumoured fraud charges. Full reort (sic) to follow later"

This account is not associated with famed short selling firm Muddy Waters Research, although it was designed to indicate it is.

After falling as much as 24 percent on the hoax, shares of Audience have since recovered - last trading up 1.8% to $12.06.

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