AAON dips as short-seller flags data center accounting

Shares of air conditioning and heating equipment maker AAON AAON.O fall 2% to $96 in early trading

Jehoshaphat Research says it is short on AAON, alleging the company is inflating revenues and margins through aggressive accounting in its fast-growing but low-margin BASX data center cooling segment

"We believe BASX revenue is currently overstated by ~30–40% thanks to such accounting games " says Jehoshaphat Research

Jehoshaphat Research says questionable data center projects and accounting practices began under AAON's former CEO and Chief Accounting Officer, both of whom recently exited and sold shares

AAON's current market value is $8.02 bln

Including session moves, shares down 17.7% YTD