Sina (SINA) Crushed After Being Associated with China Stock Fraud Allegations
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Shares of Sina (Nasdaq: SINA) are on a roller-coaster ride early Monday after the company was mentioned in the same article as Muddy Waters, the grim reaper of China stocks frauds. The mere mention of the two together sent Sina investors running for the exits. Shares fell 11 percent before bouncing. The rebound came as Muddy Waters, on Twitter, admitted there is currently no forthcoming report on Sina.
The WSJ article in question comes from Eric Jackson, who writes for a number of publications including theStreet.com and Forbes. Mr. Jackson points out the CEO of Sina is a board member of Focus Media Holding Ltd. (Nasdaq: FMCN), the latest target of Muddy Waters.
Jackson himself told us the stock was overreacting to his mention. "I definitely don't say MW is coming out with a report against SINA... nutso reaction," Jackson said in a reply tweet to StreetInsider.com. "It's a balanced article," he also said.
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The WSJ article in question comes from Eric Jackson, who writes for a number of publications including theStreet.com and Forbes. Mr. Jackson points out the CEO of Sina is a board member of Focus Media Holding Ltd. (Nasdaq: FMCN), the latest target of Muddy Waters.
Jackson himself told us the stock was overreacting to his mention. "I definitely don't say MW is coming out with a report against SINA... nutso reaction," Jackson said in a reply tweet to StreetInsider.com. "It's a balanced article," he also said.
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