White Diamond Research has argued that the track record of Reliq Health Technologies’ founders and CEO point to the Canadian company likely being a “worthless penny stock scam.”

White Diamond said in a Thursday short report that Reliq Health resembles a pump-and-dump and not the health information services company its leaders are trying to portray it to be. The short seller believes most of the company’s new customers are fictitious and some of its partners are actually clients.

Reliq Health shares were down 3.8% at CA$0.76 as of 11:20 am. EDT Thursday.

White Diamond listed several companies that saw their value plummet during the involvement of Reliq Health founders Eugene Beukman and Aman Thindal to argue that Reliq Health was just another of their “penny stock pumps” likely heading for implosion.

The short outfit added that CEO Lisa Crossley has a history of misleading investors about clients, partnerships, and revenue projections.

The short seller pointed out that Reliq Health went through a fraud scandal in 2018 that forced it to restate financial documents and prompted a 90% plunge in the company’s stock.

“The share price has partially recovered and we see a deju-vu happening,” said White Diamond, predicting a near 100% crash.