Sino-Forest Falls After Saying Probe Will Slow Acquisition
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Sino-Forest Corp., the Chinese timber grower that short seller Carson Block said overstated its production, fell after saying an investigation won’t be finished for two to three months, slowing the pace of tree acquisitions.
The shares dropped 33 percent to a five-year low in Toronto after posting first-quarter earnings today that missed analyst’s estimates. It also said on a conference call it won’t be able to buy back shares until after the probe.