Shares of Hong Kong-traded Samsonite International S.A., a world’s largest luggage builder by volume, on Thursday suffered their misfortune dump in 6 years after a brief seller expelled a news critiquing a company’s business practices and a batch valuation.
The 48-page news was expelled by a new Texas romantic investment account called Blue Orca Capital LLC launched progressing this month by Soren Aandahl, a former executive of investigate during California-based short-selling organisation Glaucus Research. Choosing Samsonite
1910, -9.84%
as a initial target, Blue Orca claimed that a association is “a mid-level code masquerading as a reward oppulance player” and that it suffers from “questionable accounting practices and bad corporate governance.”
Samsonite’s Hong Kong-listed shares fell 9.8%, a biggest one-day dump given Jun 2012, after a news was published. The shares climbed over 60% final year and strike a record high in April, giving a association a marketplace value of $6.8 billion during a time. They final traded during 30.70 Hong Kong dollars per share, down 14% in a year to date.
A deputy for Samsonite didn’t immediately comment. Trading of a shares was halted Thursday morning after a news was released.
An stretched chronicle of this news appears on WSJ.com.
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