In a lengthy report, the New York-based short seller claims Lightspeed inflated numbers on its total addressable market, customer counts and gross transaction volumes. The Montreal-based fintech’s stock closed down nearly 12 per cent Wednesday. It didn’t immediately respond to The Logic’s request for comment. (The Logic)

Talking point: Spruce Point makes a number of additional claims on why it contends Lightspeed’s stock is bound for a 60 to 80 per cent decline, alleging slowing organic growth, insider selling and weak governance and auditing standards. Further, the firm claims Lightspeed has been downplaying the competitive threats the business faces from Square and Amazon. The report singled out Lightspeed’s payments business—which the fintech has said is a major growth driver— as one that is overstated, basing its assessment in part on an interview with a former employee involved with the product.