- New Oriental Education and Technology Group, an education provider traded on the New York Stock Exchange, suffered a 30% drop in share value Wednesday, according to a report on The Street.
- A report from Muddy Waters Research claimed that New Oriental's auditor will likely resign in the wake of allegedly fraudulent financial statements.
- Wednesday marked the second day in a row that New Oriental's share lost significant value.
From the article:
New Oriental Education's(EDU_) shares fell through the floor for the second day in a row.
Falling in sympathy were Apollo Group(APOL_), Bridgepoint Education(BPI_), Corinthian Colleges(COCO_) and Devry(DV_).
Shareholders were already reeling from the pain of watching their shares lose half their value in a month. The situation took a turn for the worse when allegations of management fraud circled through the Internet. ...