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Noble Rejects Report Questioning Accounting as Shares Drop

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Noble Group Ltd.’s shares lost S$640 million ($472 million) in market value today after rejecting a report by Iceberg Research questioning the commodity company’s accounting practices.

“The company completely rejects the allegations,” Noble said in a statement to Singapore Exchange Ltd. on Monday, after the bourse operator queried the share-price move. “All material information to which Iceberg Research refers is in the public domain. There has been no material adverse change since the company last reported.”