Short Seller Interest in Sweden’s Fortnox Surges After CEO Exit

Short sellers are zeroing in on Swedish accounting software company Fortnox AB after the sudden resignation of the chief executive who oversaw a huge rally in its shares.

The percentage of Fortnox shares out on loan — a common indicator of short interest — has almost doubled since Aug. 13, when the departure of CEO Tommy Eklund was announced. As of Wednesday, shares out on loan represented about 8.7% of Fortnox’s free float, data from S&P Global Market Intelligence show.

News of Eklund’s exit — for which no reason was given — has likely unnerved investors, according to Carnegie Investment ...