Backblaze has strongly refuted accusations from Morpheus Research regarding alleged financial misconduct, including "sham accounting" and "insider dumping." The allegations arose from lawsuits filed by former employees, suggesting the company engaged in dubious financial practices to inflate stock prices. Backblaze argues these claims are fabricated, aiming to destabilize their stock due to Morpheus's short positions. Additionally, it has been claimed that company founders sold shares rapidly post-IPO, against advice not to adversely impact shares, further raising questions around company integrity and financial reporting.
"Morpheus alleges that in order to keep its stock price up, Backblaze pressured employees to certify 'inaccurate' financial statements, citing claims from former staffer Huey Hall."
"Backblaze denies allegations of 'sham accounting' and asserts that Morpheus Research aims to manipulate its stock price for financial gain, due to its short positions."
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