Tingo, a New Jersey-based group of fintech firms founded by a Nigerian entrepreneur, on Tuesday, faced scores of railing allegations from Hindenburg Research, blasting its market value.
From misrepresentation to tax delinquency and accounting fraud, the accusations by the short-seller sent Tingo Group’s share price crashing by roughly half on Nasdaq as investors’ confidence sank.
Hindenburg alleged on its website it came to the knowledge that Dozy Mmobuosi, the founder, falsely professed to hold a PhD in rural advancement from a Malaysian University in 2007 after the school said no such name features in its record.
