Jul 19, 2012 05:09 PM

Short-Seller Deals Further Blow to New Oriental

By New York correspondent Ni Weifeng

(New York) – Shares of U.S.-listed Chinese firm New Oriental Education & Technology Group Inc. plummeted by more than one-third on July 18 after a short-seller's attack.

The scathing report, published by Muddy Waters Research, rated New Oriental's shares a "strong sell," citing problems with corporate structure and allegedly inflated cash balances of the top private educational services provider in China.

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