- Textura (TXTR -2.8%) shares slip in response to part 2 of a Citron series that places a "generous $4 target" on the stock.
- The new piece makes a number of allegations of "fraudulent disclosures" relating to CEO Patrick Allin's past.
- Part 2 goes on to lambast William Blair, Credit Suisse, and Barrington Research, all firms who came to Textura's defense following the original Citron report.
- Regarding fundamentals, Citron postulates that to break even, Textura would "have to grow their revenue to 246% of 2013 revenue levels, while not increasing any expenses." Meanwhile, Textura's expenses in 2013 are "now [at] the levels the analysts expected them to spend, not in 2014, but in 2015."
- Left calls Textura a "pretender in the SaaS space," with indiscernible organic growth, misleading market penetration statistics, negative leverage, and a string of poor acquisitions that amount to P/S arbitrage.