Tempus AI slumps after Spruce Point says it is short on company
Shares of genetic testing firm Tempus AI TEM.O slump 16.4% to $55.19 after Spruce Point says it is short on company, citing issues including aggressive accounting, financial engineering and earnings quality
Investment management firm says co has not shown profits or net positive cash flow in 10 years, and founder has a history of leaving public shareholders with losses or lackluster returns
Adds that co's revenue as well as deals with AstraZeneca and Pathos AI should be carefully scrutinized
Co faces up to 50-60% potential downside risk and shares are expected to underperform in both medical diagnostics industry and broader equity market - Spruce Point
Tempus, backed by Japan's SoftBank 9984.T, went public last June at a valuation of $6.6 bln
Six out of 12 analysts rate stock "buy" or higher, six "hold"; Median PT is $65
With session's moves, TEM up 64.6% YTD
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