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What: Shares of Chinese fertilizer manufacturer Yongye International (Nasdaq: YONG ) were taking it on the chin today, falling as much as 30% in intraday trading on heavy volume.
So what: For that keep tabs on Yongye, today's "news" sounds very familiar. Yet another report has surfaced that takes the company to task, citing numerous supposed red flags including the acquisition of the Wuchuan Lignite Coal Project, relationships with suppliers, efficacy of the company's product, and management compensation issues.
Now what: The report was released by Absaroka Capital Management, and if you're wondering who they are then that makes two of us. However, the note was given wide distribution by being highlighted by the well-followed Zero Hedge blog. Though the world of Chinese small caps has been plagued by companies apparently doing some very sketchy things, many of the accusations against Yongye are largely insinuation and conjecture. Without a smoking gun, this leaves Yongye investors wondering whether these allegations hold water or their stock is getting cheaper for no good reason.
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