Today saw the release of a short report from Muddy Waters on Chinese semiconductor company Spreadtrum (SPRD). Read the letter here.
And in the tradition of potentially career ending responses like that of LFT apologist Henry Ai, CCME booster Ping Luo, and Tree-X‘s one-time cheerleader Paul Quinn, an analyst from bucket shop Chardan Capital, Jay Srivatsa, told Bloomberg news there is “little to no merit” to the Muddy Waters report. Chardan has been responsible for such lovely Chinese companies as halted A-Power (APWR), Origin Agritech (SEED), home of CFO Irving Kau, the man who wouldn’t know a reverse-merger if he were working for one, and many more. Read about Chardan here.
Jay has a buy rating and a $31.00 price target on SPRD shares, and he is also a fan of reverse merger wonder Lihua International (LIWA) fka Plastron Acquisition I. Whom to believe, a sell-side analyst working for Chardan, a company responsible for foisting a bevy of bad Chinese merchandise onto the American markets, or Muddy Waters. Good luck Jay, you’re going to need it.