Hebron was targeted by short-seller GeoInvesting in December 2019 alleging fraud. This report had no apparent impact on the company or its share price. Seven months later, in June 2020, Grizzly Research published a second report which also alleged fraud, specifically that the company had overstated revenues and that a number of transactions appeared highly suspect. The company set up an independent committee which reported some two months later, in July, that none of the three transactions mentioned in the reports broke any rules. However, the committee did not conduct a forensic investigation. The short-seller reports appear to have had no impact in that no directors resigned and FY20 financials were signed-off by its auditors. As such, the allegations remain unproven.

Last updated October 2021

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