On Tuesday the group Anonymous rattled traders when it issued an analyst report that seemed to be more about short-selling shares than about enforcing community justice.
Anonymous Analytics went public with claims that they had uncovered “overwhelming” evidence that Chinese lubricants maker, Tianhe Chemicals Group, “is one of the largest stock market frauds ever conceived.”
“The group alleges that Tianhe, which went public earlier this year on the Hong Kong stock exchange, tried to burnish its image through a range of illegal or unethical practices, such as creating “fake” regulatory filings, failing to disclose that some of its biggest customers were related parties, and overstating profitability.”
“It’s hard to imagine that three years after the fall of Sino-Forest, a fraud twice its size could navigate through a sea of regulators, investment bankers, and auditors to list on a global stock exchange,” the report said, alluding to the debacle of Sino-Forest, the timber company that had raised -billion in capital in Canada, doubling in value before it unravelled after being called out for fraud by short sellers. The Ontario Security Commission’s hearing into the Sino-Forest allegations began Tuesday in Toronto.
Anonymous Analytics says it’s not seeking to profit from its efforts. They claim it’s all about transparency.
The goal of Anonymous Analytics is to take the principles around access to information and transparency espoused by the larger Anonymous movement to the corporate world.
Tianhe had reached a market value of US.6-billion before trading was suspended shortly after the report became public.
The company’s shares slipped nearly 5% before they were halted, though they’re still up substantially from the initial public offering in the summer. Morgan Stanley Private Equity is a major investor in Tianhe.
Anonymous and Anonymous Analytics is gaining momentum!
We Are Anonymous![SOURCE](http://business.financialpost.com/2014/09/02/anonymous-analytics-tianhe/)