SenseTime Refutes Grizzly Research's Revenue Inflation Claims

Shares tumble following allegations, company reviewing the situation to safeguard shareholder interests.

SenseTime, a major Chinese artificial intelligence company, has rejected claims by research company Grizzly Research LLC that it has falsely inflated its revenue.
SenseTime's stocks tumbled more than 9% following the report's release by Grizzly Research LLC.
Grizzly's report alleges that SenseTime uses revenue fabrication schemes to inflate its sales data and controls several entities not disclosed on its balance sheet.
SenseTime said it was reviewing the allegations and considering the appropriate course of action to safeguard the interests of all shareholders.
SenseTime was blacklisted by the U.S. government in 2019 over allegations that its facial recognition technology has been used to oppress members of the mostly Muslim Uyghur minority in China’s northwestern Xinjiang region.