Hong Kong-listed power tools maker Techtronic Industries Co Ltd on Thursday denied short-seller Jehoshaphat Research's allegations of profit manipulation and fraudulent accounting practices.In a research report published on its website on Wednesday, Jehoshaphat, which claims to 'operate anonymously', accu
Hong Kong-listed power tools maker Techtronic Industries Co Ltd on Thursday denied short-seller Jehoshaphat Research's allegations of profit manipulation and fraudulent accounting practices.
Techtronic's shares slumped 19 per cent on Thursday, before they were halted. The company said trading will resume on Friday. Jehoshaphat, which holds short positions on Techtronic's securities, said the stock has a downside of 60 per cent to 80 per cent. "It is important for shareholders to be aware that the allegations are the sole opinion of a short seller ... and that it may be intended specifically to undermine confidence in the company and its management," Techtronic responded in an exchange filing.
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