Nuvei Corporation Investigation
The law firm of Kirby McInerney LLP is investigating potential claims against Nuvei Corporation (“Nuvei” or the “Company”) (NASDAQ: NVEI). The investigation concerns whether Nuvei has violated the federal securities laws and/or engaged in other unlawful business practices.
On December 8, 2021, Spruce Point Capital Management (“Spruce Point”) published a research report regarding Nuvei, alleging inaccuracies in the Company’s claims of growth. The report claims that Nuvei “has covered up a pattern of business failures, lack of organic growth, and a web of relationships with individuals connected to major Ponzi Schemes and alleged fraudulent activities.” Furthermore, while Nuvei is reporting “remarkable financial success,” Spruce Point asserts that the Company’s financial disclosures are “weak” and that “results are being temporarily enhanced from concentrated exposure to high risk gaming and eCommerce.” On this news, the Company’s share price declined by $39.38 per share, or approximately 40.5%, from $97.35 per share to close at $57.97 per share on December 8, 2021.