SAN FRANCISCO (KCBS) – Its been all downhill for online craft marketplace Etsy since its blockbuster IPO last month.

The company is sinking under the weight of an downgrade from a Wedbush analyst, who cites that his firm’s research has revealed that as many as two million items on Etsy could either be counterfeit or be in violation of trademark or copyright laws.

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The research note calls Etsy the go-to destination for counterfeits, with the most popular brands including Louis Vuitton, Chanel, Michael Kors, the NFL and Disney.

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At the same time, the note says Etsy may not be held legally responsible, referring to a suit by Tiffany against eBay over similar complaints that resulted in the court ruling that it was up to the trademark owner to find the counterfeited goods and request them to be taken down.

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Etsy’s share price shot 87-percent higher in its first day of trading to $30, its now trading around $20 on a ten percent dive today.