DLO - Dlocal stock drops 16% after report of Argentine investigation

2023-05-26 13:28:01 ET

• Dlocal ( NASDAQ: DLO ) stock tumbled 16% in Friday afternoon after a media report that the Argentine government is investigating the Uruguayan payments company for alleged "improper maneuvers in the foreign exchange market and money transfers."
• Even before the report, the Nasdaq-listed stock had plunged 35% since November when Muddy Waters Research issued a short report on the the company.
• Infobae on Friday said the Argentine government was considering notifying the U.S. Securities and Exchange Commission regarding alleged fraud.
• Dlocal ( DLO ) didn't immediately respond to a request for comment.
• SA analyst Mike Zaccardi , with a Hold rating on DLO, said the company had a better quarter in Q1, but he's watching its margins and soft price action.

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