Focus Media Shares Get Chopped in Half on Scandal

Focus Media Holding (NASDAQ:FMCN) shares plummeted 44%. This comes after short-selling research firm Muddy Waters published a series of reports advising investors to bet against the Chinese digital-ad company.

Not only does Muddy Waters accuse the company of overstating the number of TV screens in its network, but also of hiding losses by deliberately overpaying for acquisitions. Focus Media (NASDAQ:FMCN) shares last dropped $11.23 to $14.28.

“Muddy Waters, known for targeting Chinese companies in North America for fraudulent accounting, also recommended shorting Canadian-listed Chinese companies Silvercorp Metals Inc. (NYSE:SVM) and Sino-Forest Corp. (AMEX:TRE) earlier this year,” according to MarketWatch.

Here’s how these stocks are trading on the news:

  • Focus Media Holding Ltd. (NASDAQ:FMCN): FMCN shares recently traded at $15.51, down $9.99, or 39.18%. Its market capitalization is $2.10 billion. They have traded in a 52-week range of $8.79 to $37.58. Volume today was 70,548,617 shares versus a 3-month average volume of 3,487,170 shares. The company’s trailing P/E is 9.90, while trailing earnings are $1.57 per share. About the company: Focus Media Holding Limited operates an out-of-home advertising network in China. The Company uses audiovisual television displays which are placed primarily in high-traffic areas of commercial office buildings such as in lobbies and near elevators, as well as in large retail chain stores and other venues. Get the most recent company news and stock data here >>
  • Silvercorp Metals Inc. (NYSE:SVM): SVM shares recently traded at $7.43, down $0.47, or 5.95%. Its market capitalization is $1.27 billion. They have traded in a 52-week range of $5.86 to $16.32. Volume today was 2,370,449 shares versus a 3-month average volume of 6,214,100 shares. The company’s trailing P/E is 14.92, while trailing earnings are $0.50 per share. The company pays a dividend of $0.08 per share for a dividend yield of 1.00%. About the company: Silvercorp Metals Inc. acquires, explores, and develops mineral properties in China. The Company is developing its Ying Silver project located in the People’s Republic of China. Get the most recent company news and stock data here >>
  • Tanzanian Royalty Exploration Corporation (AMEX:TRE): TRE shares recently traded at $7.07,. Its market capitalization is $. They have traded in a 52-week range of $4.55 to $7.82. Volume today was 0 shares versus a 3-month average volume of 484,456 shares. About the company: Tanzanian Royalty Exploration Corporation acquires, explores, and develops mineral properties. The Company explores for gold. Get the most recent company news and stock data here >>

Investing Insights: LinkedIn Unlocked, Shares Down 6.6%.