9:31 am Mindray Medical issues statement and to host a conference call to discuss recent stock volatility - Mindray stands by its SEC filings and reserves the right to take legal action (MR) : Co issued a statement to address investors' concerns regarding the recent volatility of the company's stock price. Management also hosted a conference call to answer investor questions. Mindray stands by the integrity of its historical annual reports and press releases. The company believes that the allegations and accusations set forth in the research report released on December 12th lack merit and contain numerous errors of facts, misleading speculations and malicious interpretations of events. Further, the allegations fail to take into account various factors necessary to understand the matters addressed.
In light of the adverse impact of the research report on the trading price for Mindray's ADSs, Mindray expects to recommence repurchases under its previously announced buyback program
I listened to the conference call and pretty much concluded that this report from Ottoman Bay is a hack job by short sellers. The authors have not even bothered to be on the ground in China. When referring to pictures they took of the Mindray facilities, they do not even match the sites to the right cities.
And their misunderstanding of direct sales in China (classified as direct sales), versus non-tender sales (conducted primarily through distributors) tells me their understanding of medical equipment procurement in China is superficial,