The CEO of the maker of Trojan condoms has “rigged” the company’s financials using acquisitions in order to line his own pockets, a new report from a hedge fund short seller claims.

Matt Farrell, head of Church & Dwight Co., has been focused more on “financial engineering” than growing the products company he took over in 2016, hedge fund Spruce Point Capital Management claimed in a report Thursday.

Meanwhile, the Arm & Hammer maker’s acquisition strategy has been “failing” since well before Farrell took the CEO job, Spruce Point said — citing problems with the condoms, sex toys, hair growth and rectal cream businesses.

“Six out of ten of its ‘Power Brands’ acquired pre-2017 are struggling or outright failures,” according to the 10-year-old investment firm founded by Ben Axler.

“As discussed and documented, we believe management is hyper promotional, potentially deceptive and highly aggressive at inflating the financials to maximize its self-interested compensation objectives,” the hedge fund said in the 92-page report.

As a result, the short seller continued, investors in the consumer staples company now face up to 50% slide in Church & Dwight’s stock price of $76.50 per share.

The hedge fund noted that Church Dwight, based in Ewing Township, NJ, deemed last year’s performance to be worth a special 15% bonus to employees and management, which Spruce called “a complete charade in light of collapsing margins, failed deals, subtle accounting changes, and numbers that don’t add up.”

Shares of Church & Dwight, which also owns Waterpik and Nair, fell close to 4% in midday trading.

It wasn’t immediately clear whether Spruce Point is shorting Church & Dwight’s stock, but the firm was recognized by Activist Insight as last year’s second-most successful short-selling activist.

The hedge fund said some of the company’s brands — a group that includes First Response, Nair, Spinbrush, OxiClean and Vitafusion — face severe margin pressure because of their reliance on Walmart for 23% of sales and on struggling brick-and-mortar channels like Ulta, Bed, Bath & Beyond and discount stores for much of the remainder.

The investment firm also disputed Church & Dwight’s overseas potential, calling the company “too late” in pursuing the export of core product categories.

“Our research indicates that recent international success is attributable to new market entries, establishing distribution agreements and putting through significant price increases,” Spruce Point said. “We don’t believe that any of these drivers are sustainable.”