Richard Kelertas, an analyst at Dundee Securities, has had enough of Sino-Forest Corp. : He suspended coverage of the Chinese forestry company on Monday morning, after putting the stock "under review" on June 3.
The move comes after a short-seller raised allegations against the company, which pummelled the shares by about 89 per cent in recent weeks. On the weekend, the Globe and Mail published
"Until such time as the company has made public the findings of the board-appointed independent committee together with the assistance of its external advisors, including legal council Osler Hoskin & Harcourt LLP and the accounting firm PricewaterhouseCoopers, and we have had time to review and analyze these findings, we are not in a position to comment on or otherwise speculate on matters as they relate to the business practice or valuation of Sino-Forest," Mr. Kelertas said in a note.
David Berman