Investing.com -- Shares of Bunge Global SA fell more than 2% on shortly before market opened Wednesday following a report from short seller Spruce Point Management calling for an independent investigation into the company's financial reporting and accounting.

Spruce Point Management released a forensic review of Bunge on Wednesday, alleging the S&P 500 component and global agribusiness is a complex and troubled roll-up that has failed to deliver value to shareholders without external financing.

The short seller claims that since 1999, Bunge has generated a cash flow deficit of $1.6 billion after capital expenditures, business investment, and asset repositioning, while making $4.7 billion in dividends and $3.9 billion in share repurchases through debt-financing.

Spruce Point believes Bunge faces core pressure in oilseeds, previously its highest EBIT contributor. The short seller also noted that Bunge has not addressed the growing impact of GLP-1 weight loss drugs in its SEC filings or conference calls, despite having customers in the food products industry.

Based on its evaluation, Spruce Point estimates 55% to 80% potential downside and material market underperformance risk for Bunge shares.

The report views Bunge's $10.6 billion Viterra acquisition from Glencore, announced in June 2023, as a deal made out of necessity to deflect from core challenges. Spruce Point believes the transaction has wildly disappointed.

The short seller called on Bunge's Board to investigate matters related to the company's financial reporting and provide more clarity. Spruce Point also highlighted concerns about new 2030 EPS guidance and noted extreme insider selling of up to 30% of the stock may occur in the near term.

Bunge Global SA is a global agribusiness and food company incorporated in Geneva, Switzerland and headquartered in St. Louis, Missouri. The company is an international soybean exporter and is involved in food processing, grain trading, and fertilizer. Bunge shares are up roughly 70% in the past 12 months.