Japanese pneumatic control engineering company SMC listed on the Tokyo Stock Exchange in 1987. Between December 2016 and March 2018 it was attacked by three short-sellers, Well Investments, Lansdowne Partners and ShadowFall Capital. These reports alleged that sales and profits had been artificially inflated with the proceeds parked in fake cash balances. None had any lasting impact on SMC's share price, nor did they prompt any resignations. As such, the allegations remain unproven.

Last updated April 2022

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