Newton Glassman’s Callidus Capital (CBL.TO) is firing back at The Wall Street Journal, strenuously denying a report that at least four individuals have filed whistleblower complaints with securities regulators.

Shares of the alternative lender fell 21 per cent late in Wednesday’s trading session as a result of the report, the biggest decline since the company went public in April 2014.

The Wall Street Journal detailed purported allegations that Callidus artificially inflated the value of some of its assets and deceived borrowers about the exact terms of the loans Callidus doled out.

“The Wall Street Journal … published allegations about Callidus and Catalyst that are completely false,” Callidus wrote in a release late Wednesday. “Callidus is particularly concerned that The Wall Street Journal chose to publish these allegations after a comprehensive briefing held with them on August 8, 2017.”

Callidus lends to borrowers that would typically be turned away by traditional lenders.

The company said it believes the allegations are being made by parties it is currently engaged in litigation with, and also states that it believes this is a campaign being driven by short sellers.

“These allegations presented are primarily based on anonymous sources and are believed to have been initiated by individuals against whom Callidus has current litigation relating to the enforcement of guaranties,” Callidus said. “Those individuals have already had the opportunity to present their allegations in court without success.”

Callidus is set to report its second-quarter financial results Thursday afternoon.