Hindenburg Research: Tingo Group responds to the short seller’s allegations

Tingo Group, (NASDAQ: TIO) has categorically refuted all the allegations outlined in the report published by Hindenburg Research. The Tingo Group’s statement comes after the Tingo Group’s shares dropped 48% when it was revealed that Hindenburg Research had initiated a short position in the firm. The short seller alleged that the company falsified its financials and called founder Dozy Mmobuosi’s claim of developing Nigeria’s first mobile payment app.

Tingo Group’s press release statement reads:

The report, which contains numerous errors of fact, together with misleading and libellous content, appears to be a deliberate attempt to undermine the positive work that Tingo Group is undertaking across various worldwide markets.

As disclosed by Hindenburg Research, the report represents their own opinion, and is designed to benefit a short position taken by them and their associates from which they stand to realize sizeable gains.

Also Read: Hindenburg’s Latest Target! Tingo Group shares slump as short seller takes aim

The Company can confirm that no attempt was made by Hindenberg Research to verify the allegations or otherwise make genuine inquiries concerning the information provided in the report prior to its release.

Tingo Group confirms that it remains in compliance with the laws of the territories in which it operates and maintains the highest standards of corporate governance. The Company also confirms that its accounting records are accurate and correct and that its financial results are accurately reported within its financial statements and its SEC filings.

The investor community has demonstrated its faith in Tingo Group on the basis of detailed analyses and reports prepared by leading professional advisors, financial experts and credit rating agencies.

Tingo Group will respond in detail to the allegations made by Hindenburg Research in due course, but for the avoidance of doubt, the Company believes the report published today is a deliberate attempt to damage its reputation maliciously and unlawfully through the issuance of false, misinformed and distorted information for Hindenburg Research’s own financial gain and at the expense of the Company’s shareholders.