|Company Name||Shopify Inc.|
On October 4, 2017, Citron Research published a report portraying Shopify as "a completely illegal get-rich quick scheme." The report alleged, among other things, that Shopify inaccurately described the Company's relationship with certain affiliates, stating, in part: "Shopify calls these affiliates 'partners.' We call them promoters selling business opportunities." The Citron report compared Shopify's business practices to those of Herbalife Ltd. ("Herbalife"), a company that recently paid $200 million and agreed to an order "prohibit[ing] Herbalife from misrepresenting distributors' potential or likely earnings" to settle Federal Trade Commission charges.
On this news, Shopify's stock dropped $13.91, or 11.91%, to close at $102.90 on October 4, 2017, thereby damaging investors.
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