The Observer was befuddled if ultimately amused when Carson Block, the noted short-seller of Chinese companies, invoked Mannie Fresh in his take down of for-profit education company. (“I got everything in my momma name/But I’m hood rich,” Mr. Block quoted, reflecting that New Oriental Education and Technology Group chairman Michael Yu had signed assets Read More
So you’re writing a take-down of a Chinese education company that may be publishing fraudulent financial statements, and you’re puns are falling a little flat. You’re calling the report “Magna Cum Fraud,” so that’s taken care of, you’ve got something catchy about sharpening pencils. But what do you do with the section in which the mother of the company’s chairman winds up owning $41.8 million in stock?
Well, such a dilemma might stump lesser minds than Carson Block, the Muddy Waters short seller who sent shares in Sino-Forest tumbling last year after he published a report indicating that the Chinese timber company had exaggerated its assets, and who last week alleged that U.S.-listed New Oriental Education and Technology Group had filed at least two years of fraudulent statements. Mr. Block, however, had an answer (nice catch BI): Read More
