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Citron Research: Investors misled into Jumia shares

After a bad day on the New York Stock Exchange on Thursday, the price of shares in the Nigeria-based e-commerce company has continued to fall.

At $20.20 (£15.50) a share, the price is now nearly 25% lower than at the start of trading on Friday.

Jumia shares were hit hard by an investor report by Citron Research that questioned whether the company was worth anything and alleged that investors had been misled.

“it’s not the first time Citron has made similar claims… against a publicly traded company… and its founder, Andrew Left, has faced some repercussions.”