tags: [potential/short, analyst/jehoshaphat-research, thesis/fraud] ...

Jehoshaphat Research published on Progyny Inc (NASDAQ: PGNY — $2.92 billion), a fertility benefits management company. Jehoshaphat alleged the company “is deceiving the investor community via its financial reporting practices.” Specifically, Jehoshaphat alleged the company 1) started booking profits on “expected” results rather than historical results, 2) stopped accruing allowances for customer cancellations, and 3) may be concealing bad debt expenses through “reversals of inflated revenues” and other questionable accounting practices. Jehoshaphat also conducted expert calls that cast doubt on the company’s reported numbers and suggested the company is actually unprofitable.

Progeny fell ~9% this week and is up ~100% since its October 2019 IPO.

AGM today (2023-5-24). Price has not collapsed since the tweet in Dec 2022.