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The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Freedom Holding is the subject of a report issued by Hindenburg Research on August 15, 2023. The report highlights “red flags” at the Company “including evidence that Freedom (i) brazenly skirts sanctions (ii) shows hallmark signs of fake revenue (iii) commingles customer funds then gambles assets in highly levered, illiquid, risky market bets (iv) and displays signs of market manipulation in both its investments and its publicly traded shares.”
Based on this news, shares of Freedom Holding fell by more than 5.5% in intraday trading on the same day.