Shares of financial technology solutions provider Tingo Group (NASDAQ:TIO) are down nearly 55% at the time of writing today after Hindenburg Research issued a short report on the stock.
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Hindunberg is short Tingo and has accused the company of fabricated financials. Moreover, Hindunberg has also raised questions over the credibility surrounding the track record of “Dozy” Mmobuosi the CEO of the company while commenting, “Overall, we think Tingo is a worthless and brazen fraud that should serve as a humiliating embarrassment for all involved. We do not expect the company will be long for this world.”
Moreover, the short report comes just ahead of the company’s special meeting of shareholders scheduled on Wednesday.
Despite today’s massive price erosion, TIO shares still remain nearly 59% higher over the past year. Short interest in the stock stands at about 8.6% at present.
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