WSP Global Caught in Short Seller’s Crosshairs, Shares Fall
- Stock falls as much as 6.9%, biggest intraday drop since 2020
- Spruce Point sees 25% to 50% downside risk to shares
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WSP Global Inc. shares plunged after Spruce Point Capital Management LLC said it was shorting the Canadian engineering firm’s stock, slapping it with a “strong sell” recommendation.
Spruce Point, a prominent US fund that previously targeted Canadian firms Lightspeed Commerce Inc. and Nuvei Corp., on Wednesday criticized WSP Global’s “opaque financial reporting.” WSP Global didn’t immediately reply to a request for comment.