Targets of short sellers might think a lawsuit is the most obvious weapon to reach for when preparing a counterattack. But Olamis only the second of Muddy Waters’ victims to sue Carson Block, head of the short selling firm, for libel.
Representatives of both New Oriental Education and Technology Groupand Orient Paper– two of the Chinese companies targeted by Muddy Waters – said separately that lawyers had advised them to hold back.
After the attacks, the companies faced class-action lawsuits and questions from the US Securities and Exchange Commission. Adding another lawsuit would have increased legal fees and delayed settlement of shareholder lawsuits until after the libel charge had been dealt with.
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