Spreadtrum (SPRD) Slammed As Muddy Waters Takes Short, Questions Financials
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Shares of Spreadtrum Communications Inc. (Nasdaq: SPRD) were slammed intra-day Tuesday after Muddy Waters, LLC said that is has begun researching the stock have taken a short position in it.
Muddy Water said it has identified a number of issues in SPRD's filings, and believe that "there is a high risk of material misstatement in the reported financials.
Muddy Water said concerns are gravest regarding 2010 and 2011 numbers.
Share are down 28%.
Muddy Water said it has identified a number of issues in SPRD's filings, and believe that "there is a high risk of material misstatement in the reported financials.
Muddy Water said concerns are gravest regarding 2010 and 2011 numbers.
Share are down 28%.
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