Short-selling Ben Axler said Thursday Oatly’s Later shares are worth less than $ 10 per share His company released a claiming report The company engaged in shaded accounting practices, misleading investors about sustainability claims.
The day after Axler’s company Spruce Point Capital Management released the report, shares fell 3% in a Thursday morning transaction. Still, the stock is still trading for about $ 20, and the company’s market value is $ 11.9 billion.
“Autley is one of those inflated bubble stocks,” Axler said on CNBC. “Squawk Box” On thursday.
In late May, Autory set the price of its initial public offering in the United States at $ 17 per share. Since its debut in the public market, stocks have not fallen below the IPO price.
The company denied the claim, calling it “false and misleading.”
“The shortseller is in a position to financially benefit from the fall in Autory’s share price caused by these false reports,” the company said in a statement to CNBC Wednesday. “We reject all these false allegations by short sellers and support all activities and financial reporting.”
Spruce point report contains complaints Oatly exaggerated US revenues of $ 6 million in 2018, swelling capital investment without revealing that gross margin calculations are incomparable to those of other food companies.
Shortsellers say the value of a stock is less than $ 10 per share
Source link Shortsellers say the value of a stock is less than $ 10 per share