Global Hunter Securities Reports On DEER Allegations

Global Hunter Securities has reported on the allegation of misappropriation of funds for Deer Consumer Products (NASDAQ: DEER).

According to the report, "The primary allegation revolves around the potential misappropriation of funds in which a land rights acquisition is a supposed front, enabling management to somehow enrich themselves at the expense of shareholders. At this point we have identified the transaction details for both parcels of land, through the publicly available website of the Ministry of Land and Resources, demonstrating both the purchasing party as a wholly owned subsidiary of DEER and with the purchase prices correlating with statements made in the company's public filings. In reviewing multiple transactions on the site, there is a valuation premium on a per mu basis relative to a list of comparable transactions."

DEER has a Buy Rating and a $18 PT.

DEER closed yesterday at $8.65 a share.