Courtesy of Benzinga.
Harbin Electric, Inc.(NASDAQ: HRBN) today issued a statement regarding an anonymous blog posting, which includes a report with contributions made by persons that have a short interest in Harbin Electric.
“Harbin Electric categorically denies the latest baseless accusations made in an anonymous report posted on a blog earlier today, which includes contributions by short sellers. Regarding the land purchase referenced in the report, the Company stands by the statements as disclosed in its 10-Q dated August 9, 2011. Harbin Electric confirms that the land purchase was done in full compliance with various relevant Chinese government entities and notes this transaction structure is a common practice in China.”
The Company cautions shareholders to disregard and not be distracted by these and all previous accusations raised by short sellers. The $24.00 per share all cash going private transaction was reaffirmed today by the purchasing group, including Mr. Tianfu Yang, Chairman and Chief Executive Officer of Harbin Electric, and Abax Global Capital.
The China Development Bank Corporation also today reaffirmed its commitment to provide financing for the going private transaction.
