Yongye (YONG) Called a "Fraud" By Absaroka Capital, Rated "Conviction Sell"

Yongye International, Inc. (Nasdaq: YONG) is seeing some volatile action following a negative report from Absaroka Capital, which initiated coverage on the stock with a "Conviction Sell" rating and $1 price target.

Absaroka said Yongye is a "fraud."

Among other things, Absaroka said "the $35 million cash acquisition of Wunhaun Lignite Coal Project is not a legitimate transaction and appears to be a scheme to transfer funds out of the Company at the expense of public shareholders."

The report also said intertwined relationships with suppliers allows the company to fraudulently manipulate earnings.

Link to Report

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