China-Biotics (CHBT) Takes a Hit As Store Numbers Questioned
Tweet
Share
E-mailGet Alerts CHBT Hot Sheet
Join SI Premium – FREE
China-Biotics, Inc. (Nasdaq: CHBT) dropped 18 percent yesterday following a negative research report at Citron Research.
Today's shares are indicated to trade even lower. The share were last indicated to open between $11.37-$11.49, versus yesterday's close of $12.03.
In its report, Citron questions the number of stores the company operates, which the company said was 111 as of March 31, 2010.
Of the stores, at least 70 stores are supposed to be in Shanghai. However, Citron said extensive web searches through various Chinese search engines shows only a handful of stores. Citron found only 6 or 7 stores in Shanghai. Other investors claim they have been unable to find any signs of even 25 stores, let alone over 100.
You can read the rest of the report here.
Today's shares are indicated to trade even lower. The share were last indicated to open between $11.37-$11.49, versus yesterday's close of $12.03.
In its report, Citron questions the number of stores the company operates, which the company said was 111 as of March 31, 2010.
Of the stores, at least 70 stores are supposed to be in Shanghai. However, Citron said extensive web searches through various Chinese search engines shows only a handful of stores. Citron found only 6 or 7 stores in Shanghai. Other investors claim they have been unable to find any signs of even 25 stores, let alone over 100.
You can read the rest of the report here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Verizon planning new round of layoffs this week - Barron’s
- Molina Healthcare to join S&P MidCap 400, Construction Partners to join S&P SmallCap 600
- Susquehanna Starts IBM (IBM) at Neutral
Create E-mail Alert Related Categories
Insiders' Blog, Trader TalkRelated Entities
Citron ResearchSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
