U.S. short seller Hindenburg Research touted Block Inc. as its latest target Thursday.
Shares of the company, which is the parent of Square and the Cash App, were down about 10% in Thursday morning trading after being off as much as 22.2% earlier in the session.
Block wasn’t immediately available to comment on the contents of the Hindenburg report.
Hindenburg teased late Wednesday that it was preparing to launch a new report.
The activist short seller, founded by Nathan Anderson, is known for most recently shorting Indian conglomerate Adani Group. The January report caused all Adani-linked companies’ shares to slump and Adani’s net worth to fall. Adani strongly denied the allegations.
Adani executives met with investors in late February. An Indian Supreme Court independent panel was opened earlier this month to look into Hindenburg’s allegations.