Last Monday, NASDAQ halted trading in Yongye International (NASDAQ:YONG) while requesting additional information from the company. It must have been a difficult decision given that NASDAQ's Senior VP of Listings and Capital Markets has been an enthusiastic supporter of the company for years. But it was a long time coming, with numerous pieces of research published by various authors as far back as 2010 questioning the company's product, business, and reported financials.
The company's critics have been on the defensive in the past two years, as reflected in the declining short interest. The big boosts to Yongye's credibility came from the $50-million PIPE investment by Morgan Stanley Private Equity Asia (MSPEA) in May 2011 and the ...
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