Truecaller shares crash as activist short-seller Viceroy accuses it of tax fraud, redundant business model

Shares of Stockholm-based Truecaller crashed 20% intra-day after activist short-seller Viceroy Research said in a report that global privacy and data protection laws would soon make its business redundant.

Regulatory and legal crackdowns have forced the company to skirt “regulations and/or avoiding taxes through uncreative loopholes which we believe will be inevitably cut-off,” Viceroy NSE -3.70 % said in the report published Wednesday.

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