Street Watchdog Research sets a new Sell rating and $13 downside price target on 21Vianet (NASDAQ: VNET) in a report just released.

The group said they have found a patter of overinflating top line revenues and/or understating bottom line losses over multiple quarters for several years, including the current year emerged. Meanwhile, the company’s numbers that were reported in the local currency, the RMD, did not exhibit this pattern, they said.

Street Watchdog Research said they have shared their finding with the SEC.