|Company Name||XPEL, Inc.|
On October 19, 2023, Culper Research published a report alleging, among other things, that XPEL had “grossly understated its reliance on Tesla.” Culper Research estimated that Tesla represents 25-35% of XPEL’s revenue. Further, the report stated that the Company is “concealing a massive undisclosed risk from its primary supplier which threatens to upend [XPEL]’s entire reason for being."
On this news, XPEL’s stock price fell $10.57, or 17.3%, to close at $50.65 per share on October 19, 2023, thereby injuring investors.
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