Loading ...Asanko Gold Inc. shares were halted Wednesday following a dramatic decline after short-seller Muddy Waters released a report saying the Vancouver-based miner “is highly likely to end up a zero.”
The firm’s Carson Block, who exposed the Sino-Forest scandal, said he was shorting the stock, partially because the company invested in Ghana’s Nkran and Esaase mines based on flawed geological work.
“Management is outwardly assured and confident, but their behavior reeks of desperation and short-termism,” he wrote in the report issued Wednesday morning.
Asanko Responds to the Muddy Watters Report