Activist hedge fund Quintessential Capital Management is shorting music streaming company Akazoo (NASDAQ: SONG). The news sent shares of SONG down more than 22% on Monday.

“We believe Akazoo is a scheme orchestrated by management to profit while egregiously deceiving investors,” QCM managing partner Gabriele Grego said during the Inaugural Contrarian Investor Virtual Conference. “We see signs of very suspicious accounting manipulation.”

Grego cited issues with its tax statements and inconsistent cash flow.

Quintessential Capital Management on Akazoo

During his presentation, Grego suggested that the firm is engaging in shady revenue games by using shell companies outside the U.S. He noted that he traveled to various addresses in Europe where the firm claimed to have offices.

“All the places that we saw, Akazoo had left,” Grego said.

He said that the firm’s former parent company InternetQ was the only firm that still had an office – and it was in Athens. “They try to look like an international, multinational company but in the end, they’re only based in Greece,” he said.

Grego also questioned whether the company really had the 44 million customers it claims to use its platform. That user base is similar to that of Pandora. Grego believes that its subscriber figures, revenue, and profits could “be profoundly overstated.”

Quintessential Capital is based in New York.

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