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What: Shares of Focus Media
So what: The report is an attempt to respond to fraud allegations published last month by short-seller Muddy Waters. At issue, the firm says, is a gross overstating of the number of television screens showing Focus Media ads. Muddy Waters also accuses the company of overpaying for acquisitions in order to mask losses.
Now what: Focus Media still expects another third-party report, but the initial findings -- that Focus Media's published network data is essentially correct -- throw cold water on Muddy Waters' assertions. You just wouldn't know it from the stock action. Do you believe the report? Would you buy shares of Focus Media at current prices? Let us know what you think using the comments box below.
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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.
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