11:13 AM EDT, 05/04/2026 (MT Newswires) -- CSG (CSG.AS) dropped 18% in Monday afternoon trading in Amsterdam after short seller Hunterbrook accused the Czech defense company of recommissioning old ammunition and having questionable production numbers.

Hunterbrook said Monday the arms manufacturer, which listed in January and positioned itself as a rival to Germany's Rheinmetall (RHM.F), actually gets the majority of its ammunition revenue from reselling shells acquired from third parties instead of producing them.

The short seller also flagged investigative reports released following CSG's 3.8 billion-euro IPO that cast doubt on the company's growth prospects, including a suspended plant in Spain and an arms framework deal with Slovakia that still had not materialized.

CSG did not immediately respond to a request for comment from MT Newswires, but Hunterbrook said the company denied wrongdoing "across all areas of inquiry."