DLO: Why Won’t dLocal Put Anything in Writing? (DLO US)
We are more convinced than before that DLO used client funds to pay a special dividend to its pre-IPO shareholders. Rather than provide a detailed written explanation of the various issues we believe are byproducts of fraud and misusing client funds, DLO is holding a series of calls with brokers and their clients during which it provides non-specific, non-substantive denials. DLO evidently cares about its stock price, given the time it invests in these calls. The failure to provide a written explanation that can be tested should be deemed an admission of guilt.
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