Hindenburg Research said it has taken a short position in Tingo Group, dragging shares of the fintech more than 50 per cent lower on Tuesday.The short-seller alleged that the company fabricated its financials and criticized founder Dozy Mmobuosi's claims of having developed 'the first mobile payment app i
Hindenburg Research said it has taken a short position in Tingo Group, dragging shares of the fintech more than 50 per cent lower on Tuesday.
The short-seller alleged that the company fabricated its financials and criticized founder Dozy Mmobuosi's claims of having developed"the first mobile payment app in Nigeria".The New Jersey-based holding company operates in Africa, Southeast Asia and the Middle East, and its units have ventured into agri-fintech, food processing and insurance brokerage.
"We contacted the app's actual creator, who called Dozy's claims 'a pure lie,'" Hindenburg said. Reuters could not independently verify the contents of the report.Tingo is the short-seller's fourth target so far this year, but a relatively smaller company compared with Indian conglomerate Adani Group, Jack Dorsey-led Block Inc and Carl Icahn's flagship Icahn Enterprises.
Short sellers such as Hindenurg typically sell borrowed securities and aim to buy these back at a lower price to pocket the difference.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China leads tech race, highlighting need for Aukus sharing, says think-tankBeijing had a commanding lead in both hypersonics research and the technology to counter it. Read more at straitstimes.com.
Read more »
Chinese ships leave Vietnam waters after US-China talksHANOI/BEIJING: A Chinese research ship and its escort, which operated for nearly a month in Vietnam's exclusive economic zone (EEZ) in the South China Sea, left those waters on Monda
Read more »
Australian mother thanks 'science' for child murder pardonSYDNEY: An Australian mother convicted of killing her children claimed a 'victory for science' on Tuesday (Jun 6) after an unexpected research breakthrough helped win her freedom after 20 ye
Read more »
VW's China joint venture transforms Shanghai plant for EV productionSHANGHAI : Volkswagen's Chinese joint venture with SAIC Motor has transformed one of its plants in Shanghai for production, research and development of electric vehicles (EV), the German automaker said on Tuesday.Production of internal combustion engine models at the main plant of SAIC Volkswagen in Antin
Read more »
What are your uniquely Singapore workplace annoying moments? — Netizens share funny & absurd office practices, bosses and colleagues - Singapore News'Getting a call at 3 am from a local project manager to ask questions about the current status of the project he’s stressed about' was cited as one example
Read more »
BTS agency employees accused of insider tradingSEOUL – Three employees at Hybe, the agency behind K-pop megastars BTS, have been accused of insider trading by South Korea’s financial watchdog over share sales before
Read more »