Shares of Iron Mountain fell more than 5% on November 19 after Gotham City Research published a report alleging that the company understates its leverage, inflates adjusted EBITDA through recurring add-backs, and masks declining core volumes with aggressive price increases. Gotham City Research also cites customer lawsuits accusing IRM of imposing sharply higher fees and “ransom-like” practices tied to record retrieval and destruction.
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