UPDATE: Muddy Waters Releases Negative Research Report on Sino-Forest Corp

In a Muddy Waters

, they compare the company to a Madoff-like ponzi scheme and multi-billion dollar fraud. Muddy Waters goes on to say Sino-Forest "massively exaggerates" its assets and falsifies the company's investment in its trees. The report states the estimated value of the company is less than $1.00 and rates it a "Strong Sell".