Hedge fund Kerrisdale Capital shorts Straight Path Communications

BOSTON (Reuters) - Hedge fund Kerrisdale Capital on Thursday announced a short bet against spectrum holding company Straight Path Communications, saying the $500 million company is worth 90 percent less than its current market capitalization.

Straight Path's stock price tumbled 32 percent after Kerrisdale, a small New York-based hedge fund run by Sahm Adrangi, released a 30-page research report on the company.

"Straight Path is a bubble, driven by hype, misconceptions, and wishful thinking," Kerrisdale wrote in its report.

(Reporting by Svea Herbst-Bayliss; Editing by Bernadette Baum)

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