Spruce Point Capital Management has announced a new short position against Remitly Global Inc (NASDAQ:RELY) as the short seller believes there’s reason to be skeptical of the company’s financial reporting and valuation.
What To Know: Spruce Point targeted Remitly Global in a new bearish research report that provides evidence of doctored reviews and unreliable accounting practices, suggesting the stock is overvalued.
Benzinga contacted Remitly Global for comment on the report, with a representative responding, “Thanks for reaching out. We’re aware of the report and are in the process of reviewing its claims. I will be back in touch as soon as possible.”
Remitly is a provider of cross-border remittance services through its mobile app and website. The company relies on positive customer reviews to drive business, according to Spruce Point.
“Based on our research, we do not believe that Remitly …
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