The Financial Post reports in its Thursday edition that Badger Daylighting's top executive has dismissed accusations by short seller Marc Cohodes that his company has been capitalizing operating expenses to inflate margins. The Post's Geoffrey Morgan writes that Badger, the largest hydrovac company in North America, with a market cap of $960-million, has been targeted by short sellers for more than a year and recently saw its stock price plunge after releasing first-quarter results in May. Hydro-excavation is the process of removing soil and rocks using high-pressure water, rather than digging. The company's largest shareholder, Turtle Creek Asset Management, has increased its holdings by 600,600 shares. Badger chief executive officer Paul Vanderberg told the Post that he has been meeting with shareholders in an attempt to soothe concerns over criticisms raised by short sellers. Mr. Vanderberg said he has not publicly engaged in a "social media war" with the company's critics and opted instead for private meetings with shareholders and employees. "I can tell you emphatically that Badger expenses every dollar of maintenance on our fleet. Our accounting policy is very conservative," Mr. Vanderberg said.