UPDATE: Sino-Forest Corp Down Another 10% and Hits New Yr Low Today, Adds To Third Of Value Lost Yesterday
Sino-Forest Corp. (TRE.TO), the Chinese tree-plantation owner that plunged after it was targeted by short seller Carson Block, is down another 10% today and has hit a new year low of $2.85, adding to the third of its value it lost yesterday.
Late yesterday, Sino-Forest said it has talked to Paulson & Co., its largest shareholder, and the firm is "very supportive", Bloomberg reported.
Paulson is among Sino-Forest investors that have offered advice on how to refute assertions by Block's Muddy Waters LLC that the company overstated its China timber holdings, Chief Financial Officer David Horsley reportedly said.
"I've spoken to them and they are very supportive, giving us suggestions and issues that we need to address," Horsley reportedly said in a telephone interview from Hong Kong.
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