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Paysafe plunges on short-seller's claims

Some investors fled the FTSE 250 payments group after a short-seller's report it called "factually inaccurate"
Paysafe plunges on short-seller's claims

Shares in Paysafe (PAYS) slumped more than 30 per cent on Tuesday morning after a short-seller levelled damaging claims against the FTSE 250 payment-processing and mobile wallets group. Spotlight Research accused Paysafe of having alleged links to online gambling operations in countries where gambling may be considered illegal.

IC TIP: Hold at 310p

It also claimed the company continued to run its Asian e-wallet business, Quick Access, for more than three years after management ostensibly shut it down over regulatory concerns. And it suggested the group may be exaggerating its earnings potential and cash generation.

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