Shares of Laser Photonics Corp. are down over 13% on October 1, following a Capybara Research report on the company. The report alleges that Laser Photonics has been part of a long-running fraud orchestrated by its founder and controlling shareholder, Dmitri Nikitin. Capybara's report accuses the company of hiding critical financial information from investors and engaging in deceptive business practices.
Laser Photonics recently restated its financials, admitting that none of its last six reports can be relied upon. The short report also highlights a recent private placement of shares at a value significantly lower than the current market price, suggesting the company is aware of its unsustainable valuation.
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