Alphatec slips on short seller Bonitas' accusation of fabricating sales numbers

Alphatec Holdings

14/07/2022 16:07

** Shares of medical device firm Alphatec Holdings Inc
 ATEC.O  down 4.4% at $6.48 after Bonitas Research says it has
taken a short position on co
    ** Bonitas says co insiders worked with undisclosed related
party distributors to artificially increase co's reported
revenues & took advantage by selling ATEC stock at artificially
increased prices [https://bit.ly/2Ml2KnT
]
    ** Says fake sales resulted in fake cost of goods which
showed up as inventories on co's balance sheet
    ** Says in aggregate, calculated difference of $31 mln used
to reconcile fake cash receipts
    ** ATEC did not immediately respond to Reuters request for
comment
    ** As of last close, ATEC was down 43.1% YTD 

 (Reporting by Vansh Agarwal)
 ((Vansh.Agarwal@thomsonreuters.com;))