Freedom Holding Corp.
|Company Name||Freedom Holding Corp.|
On August 15, 2023, Hindenburg Research published a report alleging, among other things, that Freedom “brazenly skirts sanctions”, shows signs of fake revenue, “commingles customer funds then gambles assets in highly levered, illiquid, risky market bets”, and displays signs of market manipulation in its investments and publicly traded shares. Further, the report alleged that Freedom still does business in the Russian market despite “fire-[selling]” its Russian business following the Ukraine invasion, and that “the company has openly flouted sanctions along with anti-money laundering (AML) and know-your-customer (KYC) rules.”
On this news, Freedom’s stock price fell $2.44, or 3.2%, to close at $73.27 per share on August 15, 2023, thereby injuring investors.
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