Why Petmed Express Inc's Shares Plunged 19% Today

Shares of Petmed Express Inc (NASDAQ: PETS) dropped as much as 19% in trading Wednesday after short-seller Aurelius Value laid out how it thinks the company is using opiates to fuel growth. At 3:15 p.m. EDT, shares had recovered some of their losses and were down only 7.1% on the day.

The report from investment firm Aurelius Value lays out how they think Petmed's undisclosed "new generation medications" are actually opiates that are targeted at opiate users who would use their pet's medications. It's crazy to think that management of a public company would exploit a weird loophole like using pet medicine to get high, but that's what Aurelius Value is saying.

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Source: Fool.com