Focus Media (FMCN) CEO Jiang Fires Back at Muddy Waters

Shares of Focus Media (Nasdaq: FMCN) are rebounding Tuesday morning after slumping a near-40 percent on Monday as Muddy Waters started coverage on the stock with a Strong Sell rating.

Just following the opening bell, Focus Media shares are up 9.5 percent.

Click here to see the full release issued by Focus Media refuting the Muddy Waters' claims.

The company's call was mostly as expected: execs refuted claims "entirely" and said the allegations made by Muddy Waters were all already known. The company has hired a third-party investigator to review the claims. Results of the investigation are expected out over the next two weeks.

Following the conclusion of the call, Focus Media issued another release disclosing it will continuing buyback common shares in the open market. The company also announced Jason Jiang will buy $11 million of the stock in a block trade.

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