Hindenburg Research, the short seller that recently targeted India’s Adani Group, has accused payments group Block of artificially inflating its user numbers and facilitating fraudulent transactions.
In a statement on Thursday, Hindenburg said it had been investigating Block, which is led by Twitter co-founder Jack Dorsey, for two years and had taken a short position in the shares.
It said the series of accusations were based on “dozens of interviews with former employees, partners, and industry experts, extensive review of regulatory and litigation records, and FOIA and public records requests”.
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