On June 25, 2020, analyst Hindenburg Research issued a series of tweets announcing Hindenburg’s conclusion that Ideanomics, Inc.”is an egregious & obvious fraud.” Hindenburg asserted that it found evidence that Ideanomics “doctored photos in its PR to suggest it owns/operates” a facility, and that this “strikes us as a clear effort by the company to manipulate the photographs in order to drive its stock price up.”
Also on June 25, 2020, analyst J Capital Research issued a report on Ideanomics entitled “Champion of Promotes.” J Capital wrote, in part, that “Ideanomics . . . is a zero. The company changes its name and promotional story so frequently that it’s hard to keep up. One thing remains a constant, despite all the press releases, buzzwords and hype: shareholders get wiped out.” J Capital continued, in a tweet, that “[w]e called all the ‘buyers’ named in [Ideanomics’] press releases this month. Not a single one had made a purchase. One of them thanked us for alerting them to ‘fake news.'”
On this announcement, Ideanomics shares fell approximately 21% in one day, down to $2.44 per share from their June 24, 2020 close of $3.09 per share. Shares continued to plummet on June 26, 2020, closing at just $1.46 per share, a drop of approximately 53%.
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