XPEL, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
In a recent public disclosure, XPEL reported that its revenue from paint protection film (“PPF”) sales related to Tesla vehicles accounted for just 5% of its total year-to-date earnings. However, on October 19, 2023, the credibility of XPEL’s claims was brought into question when activist short-seller Culper Research released a highly critical report titled “XPEL, Inc. (NASDAQ:XPEL): That’s a Wrap.” According to Culper Research, their investigation, which involved a survey of more than 100 XPEL installers, suggests that Teslas might actually represent a more substantial portion of XPEL’s PPF business, ranging from 25% to 35%.
Furthermore, Culper Research alleges that “the Company is hiding a significant undisclosed risk from its primary supplier, which has the potential to disrupt the core foundation of the Company.” Specifically, Culper Research asserts that XPEL’s long-standing supplier, entrotech, has entered into a joint venture with PPG, integrating protection technology directly into original equipment manufacturer (OEM) paint.
Culper Research argues that XPEL has conspicuously removed all references to entrotech in its recent filings with the U.S. Securities and Exchange Commission (SEC), implying that XPEL may be attempting to downplay the uncomfortable reality that it has been overtaken by PPG, and that its trusted supplier has chosen to collaborate with PPG rather than continuing with XPEL.
