Shares of Sino-Forest Corporation have continued to plummet since Monday after the mainland-based timber supplier said it would delay releasing findings of an internal review. On Monday, the Toronto-listed firm plunged 8.4 per cent, closing at C$6.09 (HK$48.11) a share. In early June, American short seller Carson Block accused Sino-Forest of fabricating its land holdings on the mainland. In a statement accompanying its second-quarter results, the company said it needed more time to complete the review of Block's accusations. Sino-Forest's shares traded as high as C$25 earlier this year. They were valued at C$18.81 the day before Block published allegations of fraud against Sino-Forest on his website ( www.muddywatersresearch.com ). The company said its independent committee needed more time to complete its report 'primarily due to a prolonged data collection and review process'. As such, it would not discuss its quarterly results with financial analysts, the company said. That is a reversal of the open manner with which Sino-Forest first confronted Block's allegations, which he published on June 2. On June 14, 11 days after it announced its internal review, Sino-Forest held an analysts' conference call to discuss its first-quarter results. In recent weeks, however, the company appeared less willing to discuss the allegations. Last month, it postponed plans for investment analysts to tour its mainland operations. On Monday, Sino-Forest reported a 125 per cent jump in net earnings for the three months to June to US$447.1 million from the same period last year. However, it posted a US$9.8 million loss after excluding a non-cash gain on the value of financial instruments. Block said he was not surprised the timber firm needed more time to complete its internal review. He said his research on Sino-Forest took several months. 'Doing a diligent internal investigation requires far more time than just two to three months,' Block said in an email. Sino-Forest has retained lawyers in Canada, Hong Kong and on the mainland to work on its internal review, as well as accounting firm PricewaterhouseCoopers. The Ontario Securities Commission is also investigating the matter. In his June 2 report, Block alleged that Sino-Forest had faked its land-use rights in Yunnan province. Block aims to profit from betting against companies he issues negative research about. Hedge fund billionaire John Paulson, previously Sino-Forest's biggest shareholder, sold his stake in June at a loss of C$462 million. Since the scandal emerged, billionaire Richard Chandler has become Sino-Forest's biggest shareholder. Known for being an activist investor in distressed assets, Chandler said in an August 4 regulatory filing that he owned 18 per cent of the firm, having raised his stake from 10.85 per cent in July.