Short-seller Muddy Waters takes aim at Manulife [Toronto Globe and Mail (Ontario, Canada)]
Manulife Financial Corporation (MFC)
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Source: Toronto Globe and Mail
Manulife Financial Corp. has come under attack from short-seller Muddy Waters over the potential fallout from a lawsuit that is currently making its way through the courts. Early Thursday Muddy Waters LLC revealed a short position in Manulife, which means it will profit if the Canadian life insurance giant’s stock falls. In a report and in TV appearances that coincided with the revelation of the short position, Muddy Waters alleged that Manulife has “just concluded a trial that could significantly damage its earnings, capital, creditworthiness, business and solvency,” and noted that a verdict could come by the end of this year. Story continues below advertisement Muddy Waters alleges the lawsuit in question pertains to a 1997 insurance contract that has been purchased by Mosten Investment LP, a hedge fund, and its short position stems from an interpretation of Manulife’s obligations tied to this contract. In the trial, Mosten has argued that
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