Abacus defends against short seller attack with claims of consistent returns and audit-verified valuations amid potential legal action.
The press release represents a defensive response from Abacus Global Management to what they characterize as a "false and misleading short attack" on their business model. The company is directly addressing allegations that appear to question their valuation methodologies for life insurance policies—their core business for over 20 years.
Abacus presents several points to counter the short thesis: First, they highlight their Q1 realized gains of nearly 40% while deploying $126 million in capital, with valuations within a 2% margin of error from previous marks. This precision in valuation accuracy is presented as evidence against claims of asset overvaluation.
The defensive posture is notable—they attribute the short report to a competitor who has allegedly been "shopping this story for months" and frame the attack as targeting them due to their success and growth. The company's public status subjects them to greater scrutiny than privately-held competitors, which they position as a strength rather than weakness.
The announcement that Abacus will pursue "all available legal remedies" signals they view this as a serious attack requiring formal response. This typically indicates concern about potential share price impact and reputation damage. The promise of a more detailed rebuttal "in the coming days" suggests they're still formulating a...
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