BEIJING, Dec. 8, 2011 /PRNewswire-Asia/ -- Qihoo 360 Technology Co. Ltd. ("Qihoo 360" or the "Company," NYSE: QIHU), the leading Internet company in China as measured by active user base, once again rejects a series of allegations made since November 1, 2011 by Citron Research who has admitted that it stands to profit from a drop in the share price of the Company.
Qihoo 360 stands by all of the information contained in its filings with the U.S. Securities and Exchange Commission. The Company reiterates that Citron's commentary contained numerous errors of fact and groundless speculations and lacked understanding of China's internet sector and of the Company's business model.
Qihoo 360 is dedicated to continuing open and transparent communications with investors, security analysts and the public. The Company welcomes opportunities for direct dialog with all parties that are genuinely interested in gaining a better understanding of the Company's business model, operations, or the Chinese internet industry.
Qihoo 360 intends to protect its reputation and the interests of its shareholders, and reserves legal rights against any deliberately false accusation or personal attack.
About Qihoo 360
Qihoo 360 Technology Co. Ltd. is a leading internet company in China as measured by its active user base. The Company is also the number 1 provider of internet and mobile security solutions in China as measured by its active smartphone user base, according to iResearch. Qihoo 360 also provides users with secure access points to the internet via its market leading web browsers and application stores. The Company has built one of the largest internet open platforms in China. Qihoo 360 monetizes its massive user base primarily through online advertising and through internet value-added services on its open platforms.
It is obvious that the appearance of AL on cnbc was the last effort to drive the stock down. As everybody knows that the utlimate arbitrator is the auditor. Whatever he speculates right now, is academic.
If you are awaiting an auditor to tell you whether or not there is fraud, you may be waiting a long time indeed. All of the Chinese frauds that have been exposed so far had auditors, many of them Big Four, and the fraud was not found by the auditors, who blindly accept what their paying customer puts in their financial statements.