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Nov 1, 2017

Shopify CFO says it’s time to put Citron’s short attack in the 'rear-view mirror'

'The facts are the facts': Shopify CFO to short-seller

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It’s time for Shopify to put Citron Research’s short-selling attack behind it and focus on the business, according to the e-commerce platform’s chief financial officer.

“I think it’s something that we should put in our rear-view mirror and really go back to focusing on the business, which is our primary objective,” Shopify’s Russ Jones told BNN in an interview Wednesday.  

Shares of Shopify (SHOP.TO) fell as much as 11 per cent Tuesday, when the company fired back at Citron Research during a conference call for claims CEO Tobias Lutke called “preposterous.”

Lutke had promised to address Left's criticism of the company's business model in a video published earlier this month in an effort to ease shareholder concerns.

"This is going to be a fun one," Lutke said at the start of the call, explaining the company waited to address the allegations because it does not engage in short-term stock management and reserves this time each quarter for such activities.



After the call, Citron responded saying it was “unimpressed” by Shopify’s response to their conclusion.

“That response yesterday from [Citron] is pretty consistent with the playbook these guys follow,” Jones said. “I think Tobi did a great job of addressing it.”

While the stock fell Tuesday, Shopify is still a top-performer on the TSX this year.

Of the stock movement, Jones said the company can only control its results, which ultimately drives the success of the business. 

- with files from The Canadian Press