Tuesday, November 22, 2011

Looks like the work of Chinese hackers

On Nov. 21, 2001, the equity research firm Muddy Waters rated Chinese company Focus Media (Nasdaq FMCN) a "strong sell," citing a “significant overstatement of the number of screens in its LCD advertising network and its Olympus-style acquisition overpayments.”

As a result, the stock of FMCN dropped about 40%.
5-day chart of FMCN, from Yahoo! Finance

Then the next day, the website of this research company was hacked. Here is the image from the website: