Muddy Waters takes a bite out of Apple supplier IQE

Shares in Welsh Technology firm IQE have tumbled almost 19% after Muddy Waters Capital raised concerns about the company's accounting.

The short-seller said IQE used accounting "possibly designed to deceive investors" and claimed that 'insiders' had purchased stock to boost reported results before selling them on a short time later.

IQE, who manufacture technology for Apple's iPhones, were faced with similar accusations just last week in a report from ShadowFall.

-- More to follow --