‘China’s Tinder’ Plunges After It’s Spurned by Short Seller
Shares of dating app operator Momo Inc., often called the Chinese equivalent of popular U.S. peer Tinder, fell by more than 5% in the latest trading session on Wall Street, after a short seller accused the company of selectively disclosing and concealing important news for investors.
The accusations in a report from Spruce Point Capital Management come just two weeks after a similar attack on TAL Education, and spotlights how U.S.-listed Chinese companies are often targets for short sellers due to their relative inaccessibility compared with U.S.-based firms. The earlier attack on TAL caused that company’s shares to tumble as much as 13% after well-known short seller Muddy Waters accused the company of fraud.
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