Tingo pare losses on response to short seller Hindenburg's allegations

Tingo

01/09/2023 18:03

(Updates)
    ** Shares of fintech company Tingo Group  TIO.O  pare losses
after falling as much as 22.5% earlier in the session
    ** Stock last down 3.8% at $1.23  
    ** Company issues fresh response to further allegations made
by short seller Hindenburg Research on Aug 31
    ** Short seller in June criticized TIO's founder Dozy
Mmobuosi and alleged that the company "fabricated" its
financials
    ** On completing the investigation into short-seller
allegations, co said on Wednesday that Q1 revenue and operating
margin have been confirmed
    ** The errors identified by Hindenburg in company's FY 2022
and Q1 2023 financial statements were "typographical" - TIO 
    ** Including session move, shares up ~48% YTD

 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))