(Updated - October 4, 2017 9:53 AM EDT)

Citron Research out negative on Shopify (NYSE: SHOP) and set a $60 price target on the stock.

In a video posted by Citron's Andrew Left, he asks who are other 470K merchants the company boosts. Left compares the company to FTC target Herbalife amid its get 'rich quick' hook. He sees the FTC targeting the company eventually.

He claims it could be a "dirtier business" than Herbalife and said the FTC is going to "shit" when they read his report.