Short-seller Carson Block, the founder and research director Muddy Waters, released a new report on July 18th detailing a “Strong Sell” on New Oriental Education & Technology Group (NYSE: EDU).
Block, who is best known for releasing a damning report about Chinese timber company Sino-Forest that the company overstated its timberland holdings causing the stock-price to nose dive, says there will be a “significant restatement and possible that its auditor will resign” at New Oriental.
Anyway, in the 96-page report, page 22 is particularly amusing.
Check it out below.
Photo: Muddy Waters Research