Citron Reports to Securities and Exchange Commission
In an investor presentation released on Wednesday, Citron Research has announced that it is taking a report to the SEC about Qihoo 360 Technology (NASDAQ: QIHU).
Citron says that it is aiming to provide a “complete understanding of various issues” regarding the company.
Citron has apparently had concerns about Qihoo 360 for some time, and this report is the culmination of hours spent compiling information. The full report can be found here.
It is split into three sections: good, bad, and ugly. The “bad” section covers areas where Citron believes the business is unsustainable. However, it is the “ugly” section which will be of interest to the SEC, as that covers the areas where Citron believes Qihoo 360 is fraudulent.
“Qihoo 360's business story is increasingly isolated in a world of its own fabrications,” the report says. “To believe Qihoo 360's business disclosures, you have to conclude: Baidu is Wrong, Google is Wrong, China Construction Bank Securities is Wrong, Tencent is Wrong, China's Ministry of Information is Wrong, Amazon is Wrong, and Alibaba is Wrong.”
