Trustpilot Group PLC Announces Regulatory Filing

Trustpilot Categorically Rejects Allegations in Grizzly Research Report

Trustpilot Group PLC has issued a strong rebuttal against what it calls “categorically false allegations” published by Grizzly Research. The London Stock Exchange-listed company claims the report contains numerous factual inaccuracies and false claims designed to negatively impact its share price.

In a comprehensive response filed with the London Stock Exchange on December 5, Trustpilot asserts that Grizzly Research fundamentally misunderstands its business model and ignores publicly available information about the company’s operations, scale, and enforcement policies.

Among the key allegations Trustpilot refutes is the claim that it creates unsolicited review profiles to drive subscription sales. The company states that over 97% of businesses on its platform are non-paying users, with consumers and businesses able to create profiles at no cost. According to Trustpilot, 70% of reviews on these free profiles receive 5-star ratings.

Trustpilot also denies allegations of applying different standards to paying versus non-paying businesses. “All businesses – whether free or paid – must comply with the same Guidelines and are held to the same moderation principles,” the company stated. The average TrustScore for paying customers is 4.37, compared to 4.26 for free businesses actively engaging with the platform.

The company highlighted its substantial investment in content moderation, stating it employs approximately 200 people focused on ensuring trust and integrity across the platform. This directly contradicts Grizzly Research’s claim that Trustpilot has “at most 6 people” dedicated to this function. According to Trustpilot, it has increased investment in content moderation by nearly 50% over the past two years.

To emphasize its commitment to platform integrity, Trustpilot revealed that it has removed 6.7 million reviews so far in 2025, representing a 68% year-over-year increase. The company also issued nearly 24,000 warnings to businesses (up 35%), removed 6,500 businesses from the platform (up 60%), and implemented over 15,000 consumer alerts (up 55%).

The review platform operates what it describes as a “freemium” business model, where only 3.1% of the 1.3 million businesses on the platform pay for additional features. These paid services provide access to brand rights and tools that automate review collection and offer insights into customer feedback.

In addressing concerns about fake reviews, Trustpilot acknowledges that “all review platforms operating at our scale attract bad actors” but emphasized its proactive approach to combating review manipulation. The company employs automated detection models that analyze hundreds of metadata points creating a “digital fingerprint” of reviewers, with 90% of violating reviews caught before they reach the platform.

Trustpilot claims its enforcement actions are applied consistently across paying and non-paying businesses. In 2025, the company states it has taken action against over 330 paying businesses for review manipulation, including terminating 39 paid subscriptions for review gating or fake reviews.

The company also highlighted its role in shaping new legislation against review fraud in both the U.S. and U.K., noting that it has “successfully brought lawsuits against bad actor businesses and review sellers.”

Trustpilot concluded by stating it is “considering all appropriate options in response to demonstrably false statements” made in the Grizzly Research report. The company has made its detailed response available to investors and the public.