Reuters logo
Harbin Electric refutes Citron Research's allegations
June 17, 2011 / 1:15 PM / in 6 years

Harbin Electric refutes Citron Research's allegations

(Reuters) - Harbin Electric HRBN.O said a research report that pulled its shares down by more than 50 percent on Thursday, was factually incorrect.

A Citron Research report had raised concerns about a $750 million go-private offer by Harbin CEO Tianfu Yang.

The CEO and the company reserve the right to bring legal actions against Citron Research for these erroneous allegations, Harbin said in a statement.

Harbin could not be immediately reached for comment.

Harbin’s shares were up 17 percent in pre-market trade on Friday. They closed at $6.9 on Thursday on Nasdaq.

Reporting by Divya Sharma in Bangalore; Editing by Don Sebastian

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below