Company News

BUZZ-Shopify falls as it responds to short seller

** Canada-based payment processor’s shares down 7.9 pct at C$129.2, U.S.-listed shares down 8.6 pct at $99.89

** SHOP attempts to fend off criticism from Andrew Left of Citron Research, even after its Q3 revenue jumped 72 pct

** Left had complained earlier in October about payments to bloggers and others who get merchants to sign up to Shopify’s commerce platform and suggested the U.S. Federal Trade Commission should investigate the company

** SHOP CEO Tobi Lutke had said he would use the company’s earnings call to respond to Left

** “While the company went out of its way to address the short thesis that’s out there, the initial reaction from investors seems to suggest that they didn’t go far enough in their explanation” - D.A Davidson analyst Tom Forte

** Up to Monday’s close, the U.S.-listed shares had fallen 7 pct since Oct. 3, when Left first criticized SHOP; Up to Oct. 3 they had nearly tripled during the year (Reporting by Karan Nagarkatti)