Short-seller Hindenburg Research has criticized the founder of Fintech firm Tingo and alleged that the fintech firm had “fabricated” its financials, sending Tingo shares halving in value.
Hindenburg also said Tingo was an “exceptionally obvious scam” and called out founder Dozy Mmobuosi’s claims of having developed “the first mobile payment app in Nigeria”.
Tingo categorically refuted all the allegations of the report, saying it was full of “misleading and libellous content”.
Tingo shares shed more than 53% to $1.20.
Tingo operates in Africa, Southeast Asia and the Middle East. Its units have ventured into agri-fintech, food processing and insurance brokerage.
Tingo is the short-seller’s fourth target so far this year, but a relatively smaller one compared with Indian conglomerate Adani Group, Jack Dorsey-led Block Inc and Carl Icahn’s flagship Icahn Enterprises.