- Short-seller Spruce Point Capital Management is taking on remittance provider Remitly Global and bets the stock price will fall, according to a short report published this week. Spruce Point said it lacks confidence in the company’s financial reporting due to churn in finance, risk, and accounting roles, and has subsequently accused the company of manipulating testimonials to appear more trustworthy to users. Remitly did not respond to multiple requests for comment.
Global remittance and money-transferring business Remitly saw its stock price fall more than 2% this week after short-seller Spruce Point Capital Management published a short report listing a litany of allegations against the $4 billion Nasdaq-listed fintech.
