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Blue Orca Capital Shorts Samsonite

Texas-based short seller Blue Orca Capital, launched last week by Soren Aandahl, previously of Glaucus Research Group, announced a short position in Samsonite this morning, claiming the firm "is a mid-level brand masquerading as a premium luxury player." In a note, the firm said: "We suspect that Samsonite has concealed slowing growth through debt fueled acquisitions and that it has massaged earnings and inflated margins through highly questionable purchase price accounting.  Samsonite should trade at a discount to its peers because of corporate governance concerns regarding its audit profile, dodgy related party transactions between the Company and Indian entities controlled by the CEO...