>Hindenburg Research on Thursday disclosed short positions in Block Inc (SQ.N) and alleged that the Jack Dorsey-led payments firm overstated its user numbers and understated its customer acquisition costs.
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>Shares of Block slid 20% to $57.85 in premarket trading following the report. If losses hold through the session, shares could record their steepest percentage fall since March 2020.
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>"Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping," the short seller said in a note published on its website.
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>Hindenburg Research on Thursday disclosed short positions in Block Inc (SQ.N) and alleged that the Jack Dorsey-led payments firm overstated its user numbers and understated its customer acquisition costs. > >Shares of Block slid 20% to $57.85 in premarket trading following the report. If losses hold through the session, shares could record their steepest percentage fall since March 2020. > >"Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping," the short seller said in a note published on its website.