|Company Name||PharmaCielo Ltd.|
On March 2, 2020, Hindenburg Research published a report, alleging, among other things, that PharmaCielo’s “key operating property in Rionegro, Colombia” was sold “at a massive markup, allowing insiders to enrich themselves by an estimated $5.35 million.” The report also the Company’s purported greenhouse facilities on newly-purchased land is "nothing more than an empty field covered in weeds."
On this news, the Company’s share price fell $0.4579 per share, or over 32%, to close at $0.9621 per share on March 2, 2020, thereby injuring investors.
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