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Jack Dorseys fintech companyBlock IncSQ is responding to aThursday short report issued by Hindenburg Research that accusesBlock of misleading investors and taking advantage of the people it claims to help.

Block Says Short Report 'Misleading': Hindenburg said Blockintentionally misled investors by disguising predatory loans and fees as revolutionary technology, overstated user growth while understating costs for acquiring customers and added that 40% to 75% of accounts could be fake.

In response to the allegations, Block said it intends to work with the SEC and explore legal action against Hindenburg for afactually inaccurate and misleading reportabout Blocks Cash Appbusiness.

A highly regulated public company with regular disclosures, Block said it is confident in its products, reporting, compliance programsand controls. The company said it reviewed the full Hindenburg report in the context of its own dataand said its designed to deceive and confuse investors.

In January, Hindenburg targetedIndian multinational holding companyAdani Groupin January and its founder Gautam Adani,accusing him of fraud and sending his wealth plunging.

Benzinga reported earlier that Dorsey, who is CEO of Block and co-founder of Twitter was targeted personally by Hindenburg, who said Dorsey's public mentions of its Cash App product in songs was used as evidence of its mainstream appeal.

Yet Hindenburg said many of the artists who mentioned Cash App in songs were talking about using the app for criminal activity.

Block is a global tech company that focuses on financial services. Its ecosystem of commerce solutions, business softwareand banking services that include Square, Cash App, Afterpay, web hoster Weeblyand music streaming platform Tidal.

SQ Price Action: Shares of Block Inc are trading 16.3% lower due to the Hindenburg report at $60.81, accordingto Benzinga Pro.

Photo courtesy of Square.

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‘Gritty’ McBain secures 5-year deal from Mammoth

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'Gritty' McBain secures 5-year deal from Mammoth

SALT LAKE CITY — The Utah Mammoth re-signed center Jack McBain to a five-year contract worth $21.25 million on Monday.

McBain will count $4.25 million against the salary cap through the 2029-30 NHL season, which was announced a little more than 24 hours since the team elected salary arbitration with the restricted free agent forward.

“He is a big, strong, physical player who competes hard on a nightly basis and brings a gritty toughness to our group,” general manager Bill Armstrong said. “Jack is an important part of the championship-caliber team we are building, and we look forward to having him back on our roster for the foreseeable future.”

McBain, 25, is coming off setting a career high with 27 points and playing all 82 games. He was one of six players to skate in every game of the organization’s first season in Salt Lake City.

“Jack’s versatility as a player, his care for his teammates and his demonstrated willingness to do whatever it takes to win, are all critical elements to our future team success,” president of hockey operations Chris Armstrong said.

McBain has 82 points in 241 games with the franchise, which moved to Utah from Arizona. Since debuting in April 2022, he ranks third in the league with 832 hits.

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Johnson, 2-time Cup winner with Lightning, retires

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Johnson, 2-time Cup winner with Lightning, retires

Tyler Johnson has announced his retirement after playing 13 NHL seasons and winning the Stanley Cup twice with the Tampa Bay Lightning.

Johnson called it a career in a lengthy message posted on social media Monday. Johnson had battled injuries in recent years and is set to turn 35 on July 29.

“As a short kid from a small town, I saw my chances of playing in the NHL as very slim,” Johnson wrote on Instagram. “But my family — my parents, Ken and Debbie, and my grandparents — believed in me when doubt clouded my mind. Their unwavering faith turned that dream into reality.”

Listed at 5-foot-8 and 191 pounds, Johnson won at just about ever level, capturing the Western Hockey League and Memorial Cup championships in 2008 with his hometown Spokane Chiefs and the Calder Cup championship with Norfolk of the American Hockey League in 2012.

The NHL brought more success, as he skated in 863 regular-season and playoff games since debuting in the league in 2013, putting up 498 points. Johnson was part of the Lightning’s core when they reached the final in 2015 and helped them hoist the Cup back to back in 2020 and ’21.

Johnson finished with Chicago, playing three seasons with the Blackhawks, and Boston, signing with the Bruins early last season following his training camp tryout.

“After a lifetime devoted to hockey, I’m ready for what’s next,” Johnson said. “This moment is bittersweet, but I leave the game with no regrets.”

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‘Workhorse’ York nets five-year deal from Flyers

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'Workhorse' York nets five-year deal from Flyers

Cam York and the Philadelphia Flyers agreed to terms Monday on a five-year contract worth $25.75 million, with re-signing the restricted free agent defenseman completing perhaps the team’s last important piece of offseason business.

York, 25, will count $5.15 million against the salary cap through the 2029-30 NHL season. That price could turn out to be a bargain with the upper limit rising from $88 million this past season to $113.5 million by 2027-28.

“Cam has been a workhorse for our team over the last few seasons,” general manager Danny Briere said. “We’re excited by his development and look forward to his continued growth and emergence as a young leader within our group.”

The Flyers are trying to shift from rebuilding to contending, and York was the final player on the roster without a contract. They acquired Trevor Zegras in a trade from Anaheim last month and signed fellow center Christian Dvorak and backup goaltender Dan Vladar on the first day of free agency.

York, the 14th pick in the 2019 draft, has skated nearly 21 minutes a game so far in his pro career, all with Philadelphia. He has 77 points in 235 games for the Flyers, who have not made the playoffs since 2020.

“I believe in this team, and I love the direction we are heading,” York said. “I couldn’t be more excited to continue this journey and build something special together.”

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