Shopify Inc. (NYSE: SHOP)
On October 4, 2017, Citron Research published a stinging report questioning the legality of Shopify’s business practices. The same day, Bloomberg reported that Citron urged the U.S. Federal Trade Commission (“FTC”) to look at Shopify’s claims that its members can quit their jobs and become millionaires.
This news drove the price of Shopify shares down as much as 10.3%, or over $12.00, during intraday trading on October 4, 2017.
“We’re focused on the matters Citron Research raises and whether Shopify has misled its investors,” said Hagens Berman partner Reed Kathrein.
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