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Spruce Point Shorts Globant SA

Spruce Point Capital, the New York-based short seller, issued a release today detailing a short position in Globant SA (NYSE: GLOB). The firm said in a release: "Spruce Point has conducted a critical forensic and fundamental analysis of the Company. In our opinion, the current management is misportraying the organic revenue growth inherent in its technology outsourcing business. By leading investors to believe that it is achieving consistent 20% p.a. organic revenue growth, GLOB’s shares command an industry leading valuation. We estimate this has allowed insiders to quietly dispose or transfer of $80m in shares via an unusual dual-listing share structure...