Adds Kyndryl response. Kyndryl (NYSE:KD) dropped 12% after a negative report from Gotham City Research. Gotham City disclosed that it's short shares of Kyndryl (NYSE:KD). Kyndryl (NYSE:KD) said the short report is "inaccurate and deliberately misleading" in an emailed statement on Thursday.

Like the old IBM, except with an Undisclosed Cost Problem: Part I,” Gotham City Research says that Kyndryl (KD) “manipulates” reported adjusted EBITDA plus adjusted free cash flow to artificially give the appearance that it generates profits and cash flow.