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The suspense surrounding a two-week halt in the trading of one of Muddy Waters’ longest held, most obscure short targets is over and the stock is tanking.
Two weeks ago, Solutions 30, a European IT services company that the short seller has accused of having ties to organized crime, asked the Paris stock exchange to suspend trading in its shares then trading around 10 euros.
By the end of last week, the company said it would reopen for trading Monday, while admitting that its auditor could not complete the audit for its annual report. By the time the trading day ended Monday in Paris, Solutions 30 had fallen more than 70 percent, closing the day at 3 euros.
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