Information technology company SOS Limited (NYSE: SOS) tanked considerably last month after a scathing short-seller report from the firm Hindenburg Research.
After having fallen by as much as 60% from its 52-week highs, the stock regained lost ground after the company’s management released a statement and calmed investors’ nerves. On Tuesday, the SOS stock soared 21% to take its total gains for the year to as big as 375%.
Hindenburg Research had stated in its report that the SOS stock is worth $0. The report went on to assert that SOS is involved in business with dubious firms. On top of that, a similarly scathing report had been released by Culper Research as well. However, the company did not take the reports lying down and in a statement called the assertions misleading and distorted. Now that the stock is gaining again, it might be a good move to keep the SOS stock on the watch lists.
Finance and Entertainment Reporter
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