Hindenburg Research Latest In A Long Line Of Short Sellers Critical On Carvana [zero hedge]
Ally Financial Inc. (ALLY)
Last ally financial inc. earnings: 4/20 07:30 am
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Source: zero hedge
Hindenburg Research Latest In A Long Line Of Short Sellers Critical On Carvana Shares of Carvana are on watch after short seller Hindenburg Research joins what can only be described as a long line of critics who have pointed out irregularities with the company's accounting. Calling the company a "father-son accounting grift for the ages", the firm led by Nate Anderson says after "extensive document review and 49 interviews with industry experts, former Carvana employees, competitors and related parties of the company" they're convinced the company's turnaround is a "mirage". "Our research uncovered $800 million in loan sales to a suspected undisclosed related party, along with details on how accounting manipulation and lax underwriting have fueled temporary reported income growth – all while insiders cash out billions in stock," the firm wrote. "Even before considering the findings of our investigation, Carvana is exorbitantly valued, trading at an 845% higher sales multiple relative
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