Sky-mobi was a mobile application platform and mobile games publisher in China. It listed on the NASDAQ in 2010. In May 2011, short-seller Citron Research published a report alleging that the company was a very small player, not the market leader as claimed. It came up with a price target of US$3/share which was far below its US$20/share trading price at that time. Although Sky-mobi was accused of misrepresentation, there was no allegation of fraud. The company was eventually taken private in 2016, five years after the report, at just US$2.2/share, 27% below Citron's price target. Even Citron appears to have been too bullish on the company's prospects!

Last updated November 2021

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