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Tucows -4.5% as Copperfield sees 70% downside in 'broken' firm

Jan. 08, 2018 12:05 PM ETTucows Inc. (TCX) Stock, TC:CA StockTCXBy: Jason Aycock, SA News Editor34 Comments
  • 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.

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