Short seller Citron Research did not mince words when it published its report on construction industry service provider Textura Thursday, calling the company “a mash-up of American Hustle and Wolf of Wall Street” on the heels of its initial public offering, adding, “If it were not for the IPO game and the fraud committed by the underwriters, Textura would have been insolvent last year.”
Later in the report, which alleged the company had made fraudulent claims pertaining to client retention and increasing global demand, Citron referenced Liar, Liar when stating that these claims, even when challenged by the Securities and Exchange Commission were false and that Textura “turned and ran” from them.
It’s fitting then, that as the stock reached a low of 17% down from its opening price of around $37 per share Thursday, and remains down by about 5% at $29.38 per share as of midday Friday, Citron also cited Die Hard when outlining its thoughts on Textura’s future.
After spending 15 pages passionately making its case against Textura, the report finished off with a line from A Few Good Men:
“You want the truth? You can’t handle the truth.”