billabong update, page-27

"The malaise of Billabong through tough trading conditions and a deteriorating earnings outlook must not take
away from any unfair trading tactics employed to profit through dubious short selling and through managing
the market in ways that may not meet with approval if properly investigated. Certainly, collusive trading by
entities acting through multiple brokers is the scenario that best fits trading data as detailed in the following
sections. The circumstances surrounding BBG’s demise with negative news about the company’s earnings
problems and balance sheet may simply have allowed dubious trading behaviours to pass unnoticed."

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