June 17, 2011 / 1:15 PM / in 7 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

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