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.
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Hindenburg Research is accusing financial services and mobile payments company Block Inc., led by Twitter co-founder Jack Dorsey, of systematically taking advantage of the demographics it was designed to help. Block, formerly known as Square Inc., claims to have developed a "frictionless" and "magical" financial technology with a mission to empower the "unbanked" and the "underbanked," according to the report by the investment research firm with a focus on activist short-selling.
"The 'magic' behind Block’s business has not been disruptive innovation, but rather the company’s willingness to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology, and mislead investors with inflated metrics,"The firm drew its conclusions following a two-year investigation in which it spoke with former employees, partners and industry experts, extensively reviewed regulatory and litigation...
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