(Bloomberg) -- Aphria Inc. and Ebix Inc. were among stocks that fell after new short calls were presented at the Whitney Tilson conference in New York. Here’s a list of the biggest movers from the event:


One of Canada’s biggest pot sellers Aphria Inc. was pitched as a short idea by Quintessential Capital’s Gabriel Grego at the conference. The stock plunged more than 22 percent. Grego said he is cautious on the company’s recent acquisitions in Latin America. He also expects a “massive” asset write-off that will impact the share price. An Aphria spokesperson called the allegations “false and defamatory” in an emailed statement and said the company is pursuing legal options and preparing a comprehensive response for shareholders.


CarGurus Inc. fell 3 percent after being pitched as a short idea by Kerrisdale Capital’s Sahm Adrangi. He said the company has a “commoditized” product offering, competing with bigger competitors such as Cars.com, AutoTrader.com and TrueCar. Adrangi is expecting the growth to plateau and decelerate quickly over the next few years, as the industry in general is experiencing a slowdown and customers are becoming more expensive to acquire. CarGurus is trading at a significant premium to peers.


Another cannabis-based company, Tilray Inc. was pitched as a short idea by Aristides Capital’s Chris Brown. Its shares fell 3.2 percent. He called growing marijuana a commodity business, and says Tilray is overvalued. Brown sees the firm base case going to $60 at a time of “lock up” and moving lower from there.


Ebix Inc. fell in early trading before recovering losses after it was pitched as a short idea by Viceroy Research founder Fraser Perring. He questioned the firm’s accounting and subsidiary structure. Perring said a full short report will be issued later this week. In response, David Collins, investor relations representative at Ebix, told Bloomberg News that the firm “can’t comment on their presentation and comments, but we can direct people to other reports by the analysts who have followed us for years and provide a public overview of their view of the facts.”


Signet Jewelers Ltd. fell 0.9 percent after being pitched as a short idea by Gracian’s Matthew Kliber. Kliber said he was dissatisfied with the company’s restructuring program, noting the existence of inventory clearance sales at the firm is ”odd.” He noted an ”under-appreciated business risk” with Zale’s asset impairment.

To contact the reporter on this story: Janine Wolf in New York at jwolf71@bloomberg.net

To contact the editors responsible for this story: Courtney Dentch at cdentch1@bloomberg.net, Morwenna Coniam, Richard Richtmyer

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