09:43 AM EDT, 09/10/2024 (MT Newswires) -- iLearningEngines (AILE) Chief Executive Harish Chidambaran on Tuesday issued a statement in response to what he described as "egregious misstatements" made by a short seller recently.

Chidambaran refuted what he said was the report's insinuation that the company's revenue was unverified and potentially fraudulent.

"iLearningEngines has undergone extensive third-party audits and reviews by leading financial institutions," the CEO said.

He said "one of the most egregious and outrageous claims" made by the short-seller report was that the company had no real product.

"iLearningEngines has developed an enterprise-grade AI platform relied on by over 1,000 companies and over four million users," Chidambaran said.

Shares of iLearningEngines rose by more than 25% in recent Tuesday trading.

Price: 0.83, Change: +0.10, Percent Change: +13.76