Lanqi Technology responds to false revenue reporting: accusations are groundless

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In the early morning of the 8th Beijing time, Montage Technology (Nasdaq:MONT) issued a response statement today to the research report of research institution Gravity Research, saying that the allegations in the investment report are groundless and contain many factual errors and misleading speculations.

Research institution Gravity Research released a research report yesterday, giving Montage Technology (Nasdaq:MONT) a "strong sell" rating and claiming that Montage Technology falsely reported revenue. Montage Technology's stock price fell by $3.76, or 17.73%, to close at $17.45 per share.

Garvity Research said in the report that Montage Technology has exaggerated its actual financial performance and the company's actual revenue is far lower than its financial report data. The report pointed out that LQW Technology Company Limited, the largest distributor of Montage Technology, is a shell company established to produce financial results.

Montage Technology is a fabless company in Shanghai, China, whose main business is concentrated in the set-top box chip market.

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