Horst Julius Pudwill, the cofounder and chairman of Techtronic Industries, saw his net worth tumble more than $670 million over the past two days after a little-known short-seller accused his power tool company of manipulating its profit and using fraudulent accounting practices.
, saw his net worth tumble more than $670 million over the past two days after a little-known short-seller accused his power tool company of manipulating its profit and using fraudulent accounting practices.
Techtronic’s shares suffered their biggest daily drop since January 2012 on Thursday when they plummeted almost 19% on the Hong Kong stock exchange. The stock recovered some of its losses by Friday’s afternoon session when it was trading at HK$78.9 , a 5.3% gain from a day earlier. Pudwill’s net worth now stands at $4.
“The company vigorously denies all the allegations made in the report as it contains multiple defamatory, biased, selective, inaccurate and incomplete statements,” Techtronic said in a stock exchange filing on Thursday. “The company reserves its rights to take legal actions against Jehoshaphat and/or those responsible for the allegations and the publication of the report.”
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