China Education Alliance (CEU) Continues Free-Fall On Resumption of Trading
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Shares of China Education Alliance (NYSE: CEU) have resumed trading after responding to allegation from Kerrisdale Capital after the close.
After falling 33 percent yesterday pre-halt, shares are down another 9 percent today.
According to the report from Kerrisdale, "the company's revenue and profit are highly overstated in its SEC filings and that the company is mostly a hoax."
In its response, China Education "categorically" denied the allegations in the report and said additional information will be forthcoming. The CEO invited shareholders to visit the company's Harbin headquarters and said it will explore options including aggressively pursuing legal remedies.
After falling 33 percent yesterday pre-halt, shares are down another 9 percent today.
According to the report from Kerrisdale, "the company's revenue and profit are highly overstated in its SEC filings and that the company is mostly a hoax."
In its response, China Education "categorically" denied the allegations in the report and said additional information will be forthcoming. The CEO invited shareholders to visit the company's Harbin headquarters and said it will explore options including aggressively pursuing legal remedies.
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