Samsara falls on Spruce Capital's 'strong sell' opinion

Samsara (Pre-Reincorporation)

21/09/2023 15:18

** Shares of cloud services company Samsara Inc  IOT.N 
pares premarket losses; last down 0.6% at $25.10 after falling
as much as 4.4%
    ** Short-seller Spruce Capital Management announces "strong
sell" opinion on stock
    ** Stock hits lowest level in over four weeks 
    ** Spruce Capital alleges co is overstating gross and EBITDA
margins by 664 basis points and 1,176 basis points,
respectively, based on a forensic audit and multiple Freedom of
Information Act requests
    ** Sees risks to IOT's revenue growth, as co uses Chinese
wireless models from a supplier that U.S. agencies are
considering blacklisting 
    ** Samsara did not immediately respond to a request for
comment
    ** IOT up 102.9% YTD 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))