- Tucows (NYSEMKT:TCX) has slipped 4.5% amid a report from Copperfield pointing to "three structurally broken business segments" and a "laundry list of accounting shenanigans and financial irregularities."
- In a harsh report titled "Cashing in on Neo-Nazis, Child Porn, & a Hidden Lawsuit as Insiders Dump," Copperfield sets the Internet service provider's fair value at $20, a fraction of current price of $58.85. (h/t Notable Calls)
- That target "generously ignores" risks from undisclosed litigation with the company's biggest domain reseller, Copperfield notes. Tucows stands to lose about 11% of its registered domains in that lawsuit.
- The company's also been reporting revenue and EBITDA from domains that should have already been transferred, the report says.
- Meanwhile, the domains business "openly enables and supports neo-Nazism, pedophilia and bigotry," Copperfield charges.