$PDD Holdings (PDD.US)$ Shares are trading lower by 8.21% to $93.256 Thursday morning after Grizzly Research issued a short report on a Chinese E-commerce company.
Grizzly Research released the report titled, "We believe PDD is a Dying Fraudulent Company and its Shopping App TEMU is Cleverly Hidden Spyware that Poses an Urgent Security Threat to U.S. National Interests" which contains claims of the company's shopping app, TEMU, being a spyware and malware application.
The report claims that TEMU is "the most dangerous malware/spyware package currently in widespread circulation" and that PDD Holdings intends to sell its customers' data.
The report from Grizzly Research states that, "TEMU is demonstrably more dangerous than TikTok. The app should be removed from the Google and Apple app stores."
The report also makes claims of unreliable financial reporting by PDD Holdings and that the company is focused on benefitting its insiders rather than its shareholders.
Benzinga reached out to PDD Holdings for comment and did not receive a response.