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What: Shares of Qihoo 360
So what: Earlier this month, shares crashed when a Forbes article questioned the company's financials and even suggested the possibility of fraud in Qihoo's financials. Investors are all too jittery with Chinese companies nowadays, but the company had quickly responded at the time and defended itself.
Now what: The company has filed its audited annual report with the SEC, with the auditor consenting that Qihoo's financial statements fairly present the company's financial position in all material respects, helping to alleviate fears of cooked books. In light of the stamp of approval, there was probably a good amount of shorts getting squeezed out that were betting on the worst.
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Fool contributor Evan Niu holds no position in any company mentioned. Check out his holdings and a short bio. The Motley Fool has a disclosure policy. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.