FMP
Jun 5, 2024 6:55 AM - Parth Sanghvi
Lasertec Corp (TYO:6920), the crown jewel of Japan's stock market, is facing a firestorm of accusations after a short seller named Scorpion Capital released a scathing report labeling it a "ticking time bomb" built on a foundation of fraud.
The report, published on an unnamed platform (X), alleges Lasertec to be orchestrating a massive accounting scheme, resulting in inflated revenue, margins, and earnings. Scorpion Capital claims this fraud could be the biggest in Japanese history, reaching a staggering $23 billion.
Here's a breakdown of the accusations Scorpion Capital throws at Lasertec:
It's important to remember that these are accusations from a short seller who profits if Lasertec's stock price falls. Lasertec has yet to respond to these allegations. As with any such situation, a healthy dose of skepticism is warranted until a clearer picture emerges. We'll continue to follow this story for further developments.
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