MZ Group represents Tingo Group, which today hired White & Case to conduct an independent review of allegations made by short-seller Hindenburg Research that it fabricated its financials.
Tingo, which is listed on the NASDAQ, says it provides agriculture and financial services across Africa, the Middle East and southeast Asia.
Hindenburg released its report called “Tingo Group: Fake Farmers, Phones and Financials—The Nigerian Empire” on June 6.
It shorted Tingo’s shares “because we believe the company is an exceptionally obvious scam with completely fabricated financials.”
Tingo responded to Hindenburg’s report by categorically refuting all the “allegations and misinformation” in it.
“The report, which contains numerous errors of fact, together with misleading and libelous content, appears to be a deliberate attempt to undermine the positive work that Tingo Group is undertaking across various worldwide markets,” said the Montvale, NJ-based company.
As a short-seller, Hindenburg “has a disclosed economic incentive to negatively influence the company’s share price,” explained Tingo.
The company plans no further comment on Hindenburg’s allegations until White & Case completes its review.