Why Ideanomics Stock Skyrocketed Today
Shares of Ideanomics (NASDAQ: IDEX) have skyrocketed today, up by 52% as of noon EDT, after the company continued to refute allegations of fraud made last week by short-sellers. Ideanomics put out a press release detailing its rebuttals and another announcing that it had fulfilled multiple orders for electric vehicles (EVs).
Ideanomics disputed the charge that it is running out of cash, pointing to recent regulatory filings with the SEC. One of the short-sellers, Hindenburg Research, said it sent an investigator to Ideanomics' Mobile Energy Group (MEG) facility and that people working there were unfamiliar with Ideanomics. The company fired back: "We have since obtained statements from these staff members that refute Hindenburg's claims."
The other prominent short-seller, J Capital, alleged that recently announced business deals were essentially fabricated. Ideanomics CEO Alf Poor provided statements from various business partners.
Source Fool.com
