Corrected: BUZZ-Enfusion down after Spruce Point takes short position in software firm
14/03/2024 13:47
(Corrects short seller's name in headline to Spruce Point from
Spruce Capital)
** Shares of software company Enfusion ENFN.N down 4.5% at
$8.90 in morning trading
** Investment management firm Spruce Point Capital
Management takes short position in Enfusion
** Spruce Point says ENFN claims to be a high-growth
software-as-a-service provider of financial software with
multi-year contracts but it does not believe co to be a high
quality one
** "We believe revenue is at high risk of misstatement as we
find accounts that appear to have been quietly revised or do not
reconcile," Spruce Point adds
** ENFN did not immediately respond to a Reuters request for
comment
** Up to last close, stock down ~4% YTD
(Reporting by Jaspreet Singh in Bengaluru)
((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))