Algebris Complains About Short-Seller’s Report

London-based hedge fund Algebris Investments took a big hit on its investment in Quindell Portfolio last week, and CEO Davide Serra isn’t happy.

The legal outsourcing company’s shares plummeted almost 40% last Tuesday after Gotham City Research said its shares were worth less than one-tenth of what they were trading for. Its report, which it issued after making a big short bet against Quindell, called the company “a country club built on quicksand.”

Serra, whose firm owns about a 2% stake in Quindell, has accused Gotham City of insider-trading and market manipulation, filing complaints with both the U.K. Financial Conduct Authority and U.S. Securities and Exchange Commission.

Quindell said that it believes Gotham’s report to be part of “a coordinated shorting attack.”