ACM Research accused of fraud by short-seller J Capital
ACMR, 08 October 2020
In a short report published on its website, J Capital Research’s Anne Stevenson-Yang said “We believe ACM Research (ACMR) is a fraud, over-reporting both revenue and profit. What real profit the company has is apparently being siphoned off to related parties… We have evidence that undisclosed related parties are diverting revenue and profit from the company Key means by which ACMR tunnels over-reported profit out of the company may be through about $20 mln in overstated inventory costs and through cash that is inflated or just compromised. We think least $11 mln in warranty and service costs are understated.
