Why C3.ai Stock Was Sinking Today
Shares of C3.ai (NYSE: AI) were falling today after short seller Kerrisdale Capital, which had announced a short position in the stock a month ago, released a letter accusing the company of "serious accounting and disclosure issues."
As of 11:24 a.m. ET, C3.ai stock was down 23.9%.
In a letter addressed to C3.ai's auditors, Deloitte & Touche, Kerrisdale's Chief Investment Officer Sahm Adrangi claimed that C3.ai was using "highly aggressive" accounting tactics to inflate revenue and certain profit metrics in order to meet analyst estimates.
Source Fool.com
