02:00 PM EDT, 07/22/2025 (MT Newswires) -- Limbach ( LMB ) shares were edging lower in recent Tuesday trading after Spruce Point issued a report raising concerns about the company's accounting practices and initiated a short position in the company.

The investment firm said it has concerns over Limbach's ( LMB ) "aggressive accounting practices," and how several board members have been linked to "troubled companies" that restated their results.

The report also pointed to slowing organic growth in Limbach's ( LMB ) key Owner Direct Relationships segment and claimed that the company's adjusted earnings before interest, taxes, depreciation, and amortization and free cash flow were overstated by 13% and 200%, respectively, over the past 12 months.

Spruce Point also said it was concerned by Limbach's ( LMB ) financial disclosures that are becoming "more opaque," and by how certain financial metrics are "liberally defined and overstated."

Limbach ( LMB ) didn't immediately reply to MT Newswires' request for comment.

Price: 123.22, Change: -0.63, Percent Change: -0.50