GSX Techedu Responds to Fraud Allegations as the Stock Fell Further on Wednesday.

Shares of GSX Techedu (NYSE: GSX) continued their downward march on Wednesday after fraud allegations from a famed short seller sparked investor fear earlier this week. Today, the stock is down 11% as of 3:30 p.m. EDT. But it's down over 15% since this started.

It didn't take long for GSX Techedu management to respond. Yesterday, it released a statement attempting to clarify things for investors. But based on the stock's movement, it seems not everyone is buying it.