Remark Holdings Inc (NASDAQ: MARK) is having a relatively strong start to the trading session following yesterday’s declines. For those of you who weren’t following, MARK fell more than 20% in the market yesterday after a report filled with allegations was released by J Capital Research analyst Anne Stevenson-Yang. Nonetheless, the company has released a rebuttal and the stock is making its way to the top as result. Today, we’ll talk about the news, what we’re seeing from MARK, and what we’ll be watching for ahead.
MARK Responds To Allegations By J Capital Research
As mentioned above, Remark Holdings had a rough day in the market yesterday after J Capital Research analyst Anne Stevenson-Yang released a report about the company. In the report, Stevenson-Yang made several allegations surrounding the company’s network as well as their contracts, claiming that many of these contracts didn’t actually exist. Nonetheless, MARK not only responded denying the claims, they made it clear that these allegations were factually incorrect by providing dates of agreements and comments of their own. In a statement, Kai-Shing Tao, Chairman and CEO at MARK, had the following to offer:
The claims made in the J Capital Report are completely false and unsubstantiated… It’s unfortunate that we have to even respond to such baseless accusations, but we believe it is necessary to prevent this cowardly attack from creating further damage to Remark’s strong, hard-won reputation as a global technology leader. With this now behind us, we will continue focusing on the more important matters of our business. We greatly appreciate the confidence and support shown by our shareholders and remain dedicated to creating long-term value in the months and years ahead. We look forward to discussing the progress of our AI platform and our continued revenue growth on our next earnings release.
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