C3.ai Plunges After Quick-Vendor Alleges Accounting Points (2)

C3.ai Inc. fell the most ever in a single day after short-seller Kerrisdale Capital alleged “critical accounting and disclosure points” on the enterprise software program developer.

The corporate used “extremely aggressive accounting to inflate its revenue assertion metrics to be able to meet sell-side analyst estimates for income and sure revenue metrics, and to hide important deterioration in its underlying operations,” Kerrisdale Chief Funding Officer Sahm Adrangi wrote in a letter to Deloitte & Touche LLP, C3.ai’s auditor.

Shares of Redwood Metropolis, California-based C3.ai fell 26% to $24.95 on the shut Tuesday in New York. Earlier than the plunge, the corporate had …