Burlington Stores (BURL) Responds to Short Report; 'Emphatically' Denies Claims
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Burlington Stores, Inc. (NYSE: BURL) issued the following statement in response to a report issued on November 3, 2016 by self-proclaimed short seller Spruce Point Capital Management.
The Company stands by its financial statements and emphatically denies the claims made in the report. The report, which is filled with innuendo and baseless allegations, is based on flawed, inaccurate and misleading analysis.
The Company also notes that the short seller stated in the report that it ‘stands to realize significant gains in the event that the price of [Burlington’s] stock declines’.
Burlington’s financial statements are prepared in accordance with GAAP and any non-GAAP information is reconciled to its GAAP equivalent. Burlington’s annual financial statements are audited by Deloitte & Touche LLP.
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