Sino-Forest Shares Plunge Despite Assurances
So far, investors aren't buying it. Sino-Forest Corp. made its most aggressive effort yet to reject allegations of fraud on Tuesday, telling a packed conference call there is no truth to Carson Block's explosive claims. Chief executive Allen Chan said he remains steadfast in the long-term value and growth prospects of his company. "It pains me to see a company that I have successfully built over the past 17 years maliciously attacked by a self-serving short seller who stands to reap significant gains," Mr. Chan said.