Deals
Harbin Recovers From 19% Plunge After Rebutting Short Seller
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Harbin Electric Inc. reversed a 19 percent loss in U.S. trading yesterday after the Chinese maker of electric motors defended itself against a short seller’s accusations.
The stock posted the biggest intraday drop since June 16 after Citron Research said Harbin “fabricated customers” and overstated revenue from corporations including Guiyang Putian Logistics Technology Co. and Daqing Xinchengtai Technology Co. The shares then recovered, ending the day with a 4.3 percent gain, after the Harbin, China-based company issued a statement.