Yandex (YNDX) Blames Sell-Off On Hedge Funds

September 28, 2011 2:45 PM EDT
Shares of Russian search engine Yandex N. V. (Nasdaq: YNDX) are under heavy pressure Wednesday following a recent hedge funds visit. Apparently, four or five hedge funds visited the company and interpreted comments from the CEO negatively.

In a letter to shareholders - picked up by Barron's Tech Trader Blog - the company stated:

"While we of course can not be sure on the exact causes of that decline, one plausible explanation may be that this comes as a result of a meeting with a group of hedge funds that we have earlier today at our offices."

.... investors asked questions about the recent declines in our share of Russian language searches according to and specific causes behind this. The response that Arkady Volozh, our CEO, gave to these questions although frank and straightforward as usual, may have been misinterpreted as very gloomy and downbeat.

You can read the full report and shareholder letter here.

Shares of Yandex N. V. are down 12.6 percent in mid-day action Wednesday.

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