Spreadtrum Communications, Inc SPRD shares are soaring today, gaining more than 13% after Muddy Waters and its co-founder, Carson Block, backed off the claim that the company is a fraud.
Yesterday, the company said that the concerns Muddy Waters had over rising inventories were because of new products, and not the company's inability to sell its products.
Muddy Waters said the company had a five-fold increase in inventory, which may eventually lead to a share price drop.
At last check, shares were up $1.93 to $15.69, a gain of 14.03% on 2.8 million shares.
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