Freedom Holding Corp (NASDAQ:FRHC) tumbled more than 5% in early Tuesday trading after Hindenburg Research put out a short report on the company.

FRHC is an online brokerage business founded in 2008, formerly based in Moscow, later moving to Kazakhstan.

Hindenburg stated that its research into the company has “unveiled a laundry list of red flags,” claiming there is evidence the company “brazenly skirts sanctions” while it “shows hallmark signs of fake revenue.”

In addition, the short-seller alleges that FRHC “commingles customer funds then gambles assets in highly levered, illiquid, risky market bets” and displays signs of market manipulation in its investments and its publicly traded shares.

“Freedom Holding has exhibited a startling array of red flags relating to virtually every category of financial malfeasance worthy of investigation,” said Hindenburg.

FRHC shares are currently down 5.56% at $71.50 after closing on Monday at well over $75 per share.