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.

https://www.google.com/amp/s/www.businessinsider.com/bill-ac...

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”.

Is is still manipulation when what you're publishing is true?

IANAL but if it is not true, you open yourself up to libel.