In a statement Tuesday, the company’s board of directors said it had retained legal counsel to determine whether there was merit to claims by short seller Spruce Point Capital Management, which accused Nuvei of covering up allegations of fraud against its CEO and people tied to the company. “The board is confident that Nuvei’s financial and other disclosures are accurate in all material respects,” it said. (The Logic)

Talking point: The statement is an attempt to reassure investors as Nuvei’s stock continues to drop. Its shares have fallen nearly 20 per cent since Nuvei issued its initial response to Spruce Point’s report on Dec. 8; they’re now trading at roughly half of their value before the report came out. “Nuvei has been subject to extensive due diligence, both by its private equity control investors as well as in connection with its public offerings and listings on the Toronto Stock Exchange and the Nasdaq,” the board’s statement reads.