Canada's Shopify 'vigorously' defends business after Citron criticism

Reuters News
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Posted: Oct 05, 2017 9:25 AM

TORONTO (Reuters) - Shopify Inc <SHOP.TO> <SHOP.N> defended its business model in a statement on Thursday, a day after its shares were hit following critical comments from short-seller Citron Research about the company's marketing practices.

"We vigorously defend our business model and stand resolutely behind our mission and the success of our merchants," the company said in a statement.

Shares of the Canadian ecommerce software provider fell more than 11 percent on Wednesday after Citron said the company's stock was overvalued and that it "oversells" the potential for profit.

(Reporting by Solarina Ho)