SQ Stock Alert: Block Responds to Hindenburg in 5 Sentences

InvestorPlace2023-03-24

Block (SQ) stock is falling 3% in early trading after plunging 14.8% yesterday.Block issued a five-sentence statement categorically denying the accusations against it made by Hindenburg Research, a ...

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Today Block issued a five-sentence statement responding to accusations against it made by short-seller Hindenburg Research.\nBlock categorically denied Hindenburg’s charges in the statement and threatened to sue the short seller.\nMore About Block’s Statement\nIn its five-sentence statement, Block wrote that it plans to “work with the SEC” while considering taking “legal action against Hindenburg Research for the factually inaccurate and misleading report.”\nAccusing Hindenburg of being motivated solely by a desire to reduce SQ stock, the company contended that the research firm’s report was “designed to deceive and confuse investors.”\n\n\n\n\n\n\nWall Street’s Reactions to Hindenburg’s Report\nHindenburg accused Block of systematically ignoring fraud and theft committed using its Cash App platform. The firm also claimed that Block allowed its users to launch “fraudulent accounts” and had implemented “predatory loans and fees.”\nCalling the accusations “plain wrong,” investment bank Truist (NYSE:TFC) wrote that it is “highly unlikely that one of the most sophisticated FinTechs in the US is running rampant with systemic fraud.”\nOppenheimer, another investment bank that covers SQ stock,  also used the term “highly unlikely” to describe its view of Hindenburg’s accusations. However, Oppenheimer did state that regulators could examine payment platforms more closely in the wake of Hindenbiurg’s accusations.\nIssuing a more negative statement, Citi (NYSE:C) wrote that Block should have provided a more detailed refutation of Hindenburg’s charges. “‘Exploring legal action’ will likely not be enough to settle investors’ concerns,” Citi warned.\nBackground on Block and SQ Stock\nOne of the co-founders of Block and its current CEO is Jack Dorsey, a co-founder of Twitter who served as the latter platform’s CEO for many years.\nSQ stock has tumbled 16% in the five trading days that ended yesterday, and it’s down 53% in the last 12 months.\nOn the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.\n\nLarry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been PLUG, XOM and solar stocks. You can reach him on Stocktwits at @larryramer.\n\n\nFinancial, Fintech\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubmit\n\n\n\n\n\n\n\nArticle printed from InvestorPlace Media, https://investorplace.com/2023/03/sq-stock-alert-block-responds-to-hindenburg-in-5-sentences/.\n©2023 InvestorPlace Media, LLC\n\n\n\n\nSponsored Headlines","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2322141179"}