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Fleetcor Technologies (NYSE:FLT) shares were trading lower Thursday after Citron Research called the firm one of the "largest clean energy frauds in U.S. history."
Citron Research issued a negative report on the company, criticizing its “Clean Advantage” program. Less than 1 percent of all money paid by customers to make proportionate investments in the environment to offset their carbon footprint goes to the environment, the short seller said.
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"It is no secret that Fleetcor CEO Ronald Clarke is known for pushing the envelope," the short report said. Citron called for Clarke's resignation in the Thursday report.
Benzinga has contacted Fleetcor for comment on the short report.
Fleetcor's practices might have been aggressive, but it has been difficult to prove they're illegal, Citron said.
"While FleetCor has used excessive fees to grow earnings, the recent growth of the company is not from a fee and not from the highly publicized beyond fuel program but rather from a nefarious and hidden scheme called the 'Clean Advantage' program."
FleetCor shares were down 1.92 percent at $246.83 at the time of publication Thursday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.