Farmland Partners denies short seller’s accusations
Farmland Partners Inc. responded to accusations Wednesday afternoon from a short seller that sent shares to all-time lows in the regular trading session, saying the “allegations are false.” Farmland Partners stock bounced back with an 8% gain in after-hours trading, after falling 39% in the regular session. An admitted short seller posted an article on Seeking Alpha that claimed Farmland Partners was giving loans to related tenants that created a risk of insolvency for the company, but Farmland Partners said that the loans in question were about 1% of its revenue and proclaimed “None of the borrowers under the program as of March 31, 2018 were related parties, or have other business relationships with the Company, other than as borrowers and, in some cases, tenants.” “It is horrifying the amount of damage that this self-interested, anonymous party’s false allegations caused today to the company’s stockholders,” Chief Executive Paul Pittman said in the announcement. “We are evaluating what avenues are available to the company and its stockholders to remedy the damage inflicted.”
Source : MTV
