On December 8, 2021, market analyst Spruce Point Capital Management released a report regarding Nuvei which alleged, among other things, that Nuvei is “a highly promoted payments processing technology company,” which “has covered up a pattern of business failures, lack of organic growth, and a web of relationships with individuals connected to major Ponzi Schemes and alleged fraudulent activities[.]”
On this news, Nuvei’s share price fell $39.38, or 40%, to close at $57.97 per share on December 8, 2021.