A short report from Hindenburg Research has hit Tingo Group Inc (NASDAQ: TIO), calling it an “exceptionally obvious scam” with alleged falsified financials. The report outlines major inconsistencies and red flags in the company’s operations, from the CEO’s questionable background to unverified business claims and financial discrepancies.
Tingo Group didn’t immediately respond to Benzinga’s request for comment.
What Happened: Tingo Group is a New Jersey-based company with diversified business interests in mobile phones, food processing, and online food marketplace primarily in Nigeria. Hindenburg Research voiced serious allegations about the company and its CEO, Dozy Mmobuosi. Dozy, widely portrayed in media as a billionaire, has been accused of lying about his achievements and past, with an alleged history of financial malpractice and fabricated academic credentials, the report states.
Quoting from the report, Hindenburg …
