From misrepresentation to tax delinquency and accounting fraud, the accusations by the short-seller sent Tingo Group’s share price crashing by roughly half on Nasdaq as investors’ confidence sank.
“Media outlets later uncovered that Tingo had photoshopped its logo onto pictures of airplanes. Dozy later admitted to never owning any actual aircraft.”centring on the issuance of bad checks led to Mr Mbobuosi’s arrest in 2017 before arbitration laid the case to rest. Hindenburg, in March, aimed Block Inc, a payments company led by Twitter co-founder Jack Dorsey, on discovering that the organisation deceitfully increased its user numbers and understated its spending on customer acquisition.
Adani Group, the empire controlled by Gautam Adani, the world’s 24th richest man by Forbes ranking, lost $100 billion in valuation at the beginning of May following Hindenburg’s revelation of its improper use of offshore tax havens.
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Report: How Nigerian businessman Mmobuosi lied about his credentials, ran fraudulent company | TheCableHindenburg Research, a U.S. investment research firm focused on activist short-selling, has accused Tingo Group, a fintech company, of being an “exceptionally obvious scam with completely fabricated financials”
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