October 11, 2017 - 8:47 AM
OTTAWA - Shopify Inc.'s chief executive says he'll push back against a short-seller's report questioning the company's business model during the release of their next financial results.
Company CEO Tobias Lutke tweeted that he looks forward to the next earnings call, expected in early November, where he'll address the "short-selling troll" targeting Shopify.
He further tweeted that "the irony of an outfit like Citron accusing any business of being a get-rich-quick scheme should not be lost on anyone."
Last week, short-seller Citron Research released a report claiming Ottawa-based Shopify was running what it called an overvalued get-rich-quick scheme, sending the stock down from near $150 a share to around $112 a share on Tuesday.
The stock regained a bit of ground by mid-day Wednesday, up $4 to $119.76 for a 3.5 per cent gain for the day.
Ottawa-based Shopify posted a defence of its business model to its website last Thursday, but didn't specifically refer to allegations published by Andrew Left of Citron Research.
News from © The Canadian Press, 2017