I have been following with quite a bit of interest the saga of the anonymous analyst firm and its analysis of finances at Noble. Iceberg Research is supposedly a financial analyst firm. I say supposedly because it is virtually anonymous and so far as I can see it has only ever issued three reports – each a damning indictment of Noble. Iceberg also appears to have no history. It’s website’s archives begin in March 2015. People following the story will know that Noble believes that Iceberg Research is nothing more than a disgruntled ex-employee of the company and has taken legal action against that former employee and those it deems to be behind Iceberg Research, for ‘conspiracy to injure Noble Group.’ Whatever the truth regarding Iceberg Research and its allegations and, irrespective of Noble’s denials and rebuttals, its share price has dropped significantly since the first report was issued – around 30% in fact. As if that wasn’t enough, short seller Muddy Waters has piled the pressure on Noble by issuing a report saying that it was short Noble and picking up Iceberg’s allegations while making more of its own. What I find intriguing about this is that while commodity … continue reading
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