Sino Forest Plummets

Shares of Sino Forest SNOFF are plummeting this morning; currently, they are down 53.70%, trading at $2.25. The company stated that it has received a cease trading order from its Canadian regulator. The OSC said that Sino-Forest appears to have misrepresented some revenues and exaggerated some timber holdings. The OSC has also ordered five of the company's executives to resign. Not like this is fresh news… Sino Forest had been trading around $25 back in April of 2011 before cratering lower on rumors of this exact thing.