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iLearningEngines Discredits Short Seller Allegations of Misreporting
2024-08-30 04:43
04:43 PM EDT, 08/29/2024 (MT Newswires) -- iLearningEngines (AILE) said in a statement Thursday that a recent report by short seller Hindenburg Research contains "misleading statements, speculations and innuendos."
The company reviewed the full report that made various claims about its business practices and reporting, and intends to respond in the coming days.
Hindenburg Research published a report alleging, among other things, that iLearningEngine's revenue and expenses are "largely fake," and that, while the company claims that "its Indian market has an annual revenue run rate of $216 million," its Indian subsidiary reported vastly inferior numbers.
"iLearningEngines has no obvious industry presence, doesn't name key customers or partners and does not appear to do the volume of business it claims," Hindenburg said in the report.
The report does include disclaimers regarding the accuracy and completeness of the information.
The company's shares closed more than 53% down in Thursday trading.
