DocGo slumps after Fuzzy Panda Research discloses short position

DocGo

10/01/2024 15:32

(Updates)
    ** Shares of healthcare services company DocGo  DCGO.O  down
35.5% at $3.09 after hitting record low of $3.07
        ** Co's stock set for worst day since going public
through merger with a blank-check company in Nov. 2021
  
    ** Fuzzy Panda Research discloses short position in DCGO,
says billing practices amounted to Medi-Cal and Medicare Fraud,
citing former employees
    ** DocGo did not immediately respond to a request for
comment
    ** Short seller says it discovered that firm terminated
whistleblowers "who spoke up against alleged 'illegal acts' or
offering payments that appear to amount to bribes"
    ** CEO resigned after lying on his resume about obtaining
degrees in AI, Fuzzy Panda says, adding co's "AI subsidiary" in
Estonia has only 1 full-time employee
    ** Adds the company's "leadership has a long history of lies
and connections to fraudulent schemes"
    ** Stock fell ~21% in 2023

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))