Following a two-year investigation, Hindenburg Research claims Block Inc. has taken advantage of the demographics by overstating its user numbers and understatong its customer acquisition costs.
Shares of Block, the company behind Cash App, plunged by 20% Thursday morning after the release of a searing report from short-seller Hindenburg Research that accused Jack Dorsey's company of allowing fraudulent accounts that obscure criminals involved in illegal or illicit activities, including the…
New York investment firm Hindenburg Research accuses Block of inflating user count, facilitating criminal activities and evading banking regulations in a new report.
