Shopify’s stock sees biggest decline since going public after short attack
Shopify has responded to allegations levelled against the company by short-seller Andrew Left of Citron Research.
In a statement released early Thursday, Shopify defended its business model, which Left said relies on pitching a “get rich quick scheme” comparable to Herbalife.
“We vigorously defend our business model and stand resolutely behind our mission and the success of our merchants,” Shopify said in the press release.
“Shopify has always strived to take the path that leads to more entrepreneurs by designing its platform to remove the technical, operational, and financial barriers to enable anyone, anywhere, to build, grow, and scale a business.”
Left’s allegations sent Shopify’s shares to their biggest single-day decline, as the stock fell 11.5 per cent Wednesday.