Deals
Focus Media Denies Short Seller’s Report After 39% Decline
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Focus Media Holding Ltd. denied assertions from short seller Carson Block, saying a report that drove the shares down 39 percent yesterday reflects a misunderstanding of the company’s business.
Muddy Waters LLC, Block’s firm, said yesterday that Shanghai-based Focus Media overstated the number of television screens in its ad network and may have overpaid for takeovers to mask losses. Focus Media said today that Muddy Waters is attributing “motives to management that are based on innuendo” and that the LCD screen allegations are unfounded, according to a press release distributed by PRNewswire today.