Roblox shares slid more than 20% in early trading, as the gaming giant dialed back its forecasts for growth and first-quarter earnings showed player spending is slowing.

Roblox shares fell as much as 9% after the short seller said the company conflated daily active users (DAUs) with the number of people visiting its platform.

“Roblox is lying to investors, regulators, and advertisers about the number of ‘people’ on its platform, inflating the key metric by 25-42%+,” Hindenburg said.