Not necessarily. The target company almost always complains about manipulation, because of course they do. But even Herbalife, a clear pyramid scheme, shouted "we're being manipulated!", when people published research saying they were a pyramid scheme.
I don't know this Japanese company so I don't know in this case.
A good example of how the market can remain irrational longer than you can stay solvent. Just because Herbalife is morally a pyramid scheme doesn’t mean the FTC was going to shut down the company. Herbalife stock went up and Bill Ackman exited his trade at a loss after five years. When Herbalife stock finally crashed last year, Bill Ackman declared victory for his “psychological short”.
