THG hands over City ‘conspiracy’ dossier to financial watchdog

Matt Moulding
A source close to THG claimed it had evidence the slump after its investor day was the result of co-ordinated sell orders.
// THG has given a dossier of data to the Financial Conduct Authority in a bid to prove stockbrokers conspired to push its share price down
// THG’s chief executive Matt Moulding is thought to be suspicious of trading after the retailer’s investor day

The Hut Group has handed over a dossier of data to the City watchdog that chief executive Matt Moulding hopes will prove hedge funds and stockbrokers colluded to drive down the online retailer’s share price.

In the last few weeks, THG has passed on what it believes to be irregular stock market activity and short-selling data to the Financial Conduct Authority (FCA).

THG chief executive Matt Moulding believes the dossier will prove collusion against his company, according to the Financial Times.


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The firm had the largest IPO on the London Stock Exchange since 2013 when it listed in 2020.

After its investor day on October 12, a series of sell orders saw almost £2 billion knocked off THG’s valuation within hours.

It followed reports over the value of THG’s tech licensing business Ingenuity, weak cashflow and a lack of robust corporate leadership.

Following the investor day, THG shares finished the day one third lower, in a major backfire of THG’s intentions to use the day to quash concerns over Ingenuity.

Moulding is suspicious his firm was the victim of an aggressive short attack, at the hand of the media, investment banks, hedge funds and fund managers.

A source close to THG claimed it had evidence the slump after its investor day was the result of co-ordinated sell orders which triggered algorithms pushing the retailer’s shares into terminal decline.

THG’s dossier will also form part of the FCA’s inquiries into the action of one sales person at bank Numis who sent a note to investors in November falsely alleging “accounting irregularities” at the retailer.

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