Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Chinese probiotics products specialist China-Biotics (Nasdaq: CHBT) were looking green around the gills today, shedding as much as 18% in intraday trading.

So what: This has been quite a day for Chinese small caps. China-Biotics is the third stock that I've covered to get hit by fraud-ish allegations today, joining Yongye (Nasdaq: YONG) and Gulf Resources (Nasdaq: GFRE). China-Biotics apparently owes its woes to a Seeking Alpha post by an individual investor trying to "perform a mini-DD (due diligence)." When that effort raised some head-scratching issues, emails to the company and related third parties didn't bring the author clarification. As a result, he decided to sell his shares in the company.

Now what: Perhaps I'm missing something in today's drop, but it's pretty jaw-dropping if it is indeed being driven by one Seeking Alpha post. There's not a whole lot of heft to the post, and the conclusion seems to be that since the company didn't respond to a series of emails, the worst-case scenario must be true. This is no knock against the author -- he's simply sharing his personal views and investment decision. Instead, it's a knock against investors in the Chinese small-cap segment, who have become so scared of their own shadows that any small bump in the night sends them jumping through the nearest window.

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool’s disclosure policy prefers dividends over a sharp stick in the eye.