tags:

• thesis/fraud
• sector/semiconductors
• analyst/hindenberg-research ...

Yesterday morning, August 30, 2023, Tingo Group issued a press release announcing it had completed an investigation into the issues we raised about the company in our June 6, 2023 report entitled “Tingo Group: Fake Farmers, Phones, and Financials – The Nigerian Empire That Isn’t.”

Given the nearly 3-month gap since our report, and after multiple delays, Tingo’s largely retail investor base euphorically welcomed the news, which essentially announced a clean bill of health. The stock spiked by 65% on 7x normal volume for the day.

This morning, the company released its quarterly report, once again claiming blockbuster quarterly revenue of million along with earnings of million. It also promised a million dividend, contingent on the company receiving approval from the Nigerian government to convert the money. On this morning’s subsequent conference call, the company confidently indicated to investors that its revenue, earnings, customer base and cash position, among numerous other metrics, were all poised to spike massively.

These reported numbers and stated guidance would of course be exciting, were it anywhere close to reality. However, a careful review of the company’s recent releases indicate Tingo has done little but continue to lie about every key aspect of its business – all while failing to address every question we’ve raised.

It bears repeating: we have never seen a scam so thorough, obvious and brazen as Tingo – a true outlier, even in a market rife with fraud.