In February 2015, Iceberg Research published a report alleging that the Singapore-listed trader's accounting treatments were "unusual," resulted in "fabricated" profit and "intentionally misleads credit agencies and investors."
Noble has consistently and vehemently denied the allegations but its stock has steadily declined and on Friday was trading around 43 cents a share, down more than 64 percent from a $1.21 peak hit days before the Iceberg report.
Although Iceberg raised serious concerns about the company, those worries have already been priced, Tiruchelvam said.
"The significant change that has taken place over the last year is that Noble's debt has been downgraded to junk status and by virtue of that fact, their financing cost has gone up. But what is surprising is that Noble continues to be able to borrow...Noble is completely financeable despite the change in its status."