Singapore-listed commodity trader Noble Group has become the latest target of a critical research report, sending its shares sliding, but this latest incident leaves many open questions about the report's author.
Iceberg Research published a report headlined "Noble Group, a repeat of Enron," and claimed more critical reports about Noble would be in the offing. The report alleges that Noble's accounting treatments were "unusual," result in "fabricated" profit and "intentionally misleads credit agencies and investors."
Noble's response was swift.
"The company completely rejects the allegations. All material information to which Iceberg Research refers is in the public domain. There has been no material adverse change since the company last reported. The company reserves its rights against Iceberg Research," Noble said in a statement to the stock exchange.
But that didn't stop the stock price from falling as much as 9.5 percent intraday, although it recovered to trade down around 8.7 percent in the late afternoon period.