A US-based short-selling firm, Gotham City Research, issued a report targeting two Japanese companies, causing both Sumitomo Pharma and Sumitomo Chemical to see their shares drop by at least 4.2% during intraday trading in Tokyo.
A spokesperson for Sumitomo Chemical declined to comment on the report, while a representative for Sumitomo Pharma has not yet responded to requests for comment.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.