(Reuters) - Chinese blockchain firm SOS Ltd on Monday called the allegations made by two short-sellers as “distorted, misleading and unsubstantiated” and claimed that social media accounts of some board members may have been briefly disabled or impersonated.
Hindenburg Research and Culper Research, in two separate reports, had last week raised concerns ranging from regulatory risk to alleged false claims by the company about its business.
“These attacks were purposefully designed to manipulate the price of the company’s shares, with the aim of causing a stock price decline in order to economically benefit the short sellers,” SOS said in a statement.
Shares of the company, which fell 23% on Friday after the reports, were up about 22% in premarket trading.
Reporting by Ayanti Bera in Bengaluru; Editing by Arun Koyyur
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