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Technology Stocks : C3ai

AI 17.58

+3.2%

Oct 31 9:30 AM EST

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From: Julius Wong	4/5/2023 7:32:09 AM
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C3.ai stock likely to extend losses after letter from short seller Apr. 05, 2023 7:16 AM ET C3.ai, Inc. (AI) By: Preeti Singh, SA News Editor hapabapa/iStock Editorial via Getty Images After falling over 26% on Tuesday, C3.ai (NYSE: AI) shares are likely to register further losses today after short-seller Kerrisdale Capital alleged 'accounting issues' at the firm. Shares took a plunge yesterday after Kerrisdale Capital alleged "serious accounting and disclosure issues" at the AI software developer in a letter sent to auditor Deloitte & Touche. C3.ai has "utilized highly aggressive accounting to inflate its income statement metrics in order to meet sell-side analyst estimates for revenue and certain profit metrics, and to conceal significant deterioration in its underlying operations", Kerrisdale said in the letter. In response, a C3.ai spokesperson told Seeking Apha in an email that: "The Kerrisdale letter appears to be a highly creative and transparent attempt by a self-acclaimed short seller to short the stock, publish an inflammatory letter to move the stock price downward, then cover the short and pocket the profits." "The accounting disclosures and financial statement referenced in the letter have been reviewed by our independent audit firm for which we have an unqualified opinion; and are complete and correct," C3.ai further added. C3.ai ( AI) shares dropped up to 6.8% in premarket hours on Wednesday. SoundHound AI ( SOUN) -3.95%, Guardforce AI ( GFAI) -7.6% and BigBear.ai ( BBAI) -5.6% were also trading lower. C3.ai ( AI) short interest is 27.5%.

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