Muddy Waters' Carson Block issued research paper saying that NQ mobil is cooking books yesterday, NQ shares is down 50% in a day. Market is selling off Chinese shares today, and solar shares are among the worst, and that drive down GT today. Carson Block was on Bloomberg earlier, video is on the front page.
Chinese Internet and solar stocks, many of which have skyrocketed this year, have closed with decent losses after the Shanghai exchange fell for the fourth day in a row amid credit crunch worries, and as NQ Mobile continued to feel the impact of Muddy Waters' fraud allegations.
Muddy Waters' detailed accusations regarding ghost addresses, a shell company, inflated market share figures, dubious cash balances, and spyware are likely to yield fresh scrutiny of the
Apparently some are saying Chinese banks are putting the squeeze on solars and trying to force consolidation of the some of the companies. Regardless of who the winners and losers are amongst Chinese solars, as long as they still buying our furnaces GTAT should be ok.