Traders deal with the flooring of the New York Stock Exchange throughout early morning trading onJan 31, 2024.
Michael M. Santiago|Getty Images
Shares in Swiss software application business Temenos were down over 6% on Friday afternoon, extending Thursday’s losses when they closed over 28% lower.
Temenos on Thursday launched a declaration stating its board of directors “fundamentally refutes” a report by short-seller Hindenburg Research.
Temenos shares were down 6.1% at 1: 17 p.m. London time, trading around 59.66 Swiss francs ($6767).
In its declaration, Temenos stated Hindenburg’s report “contains factual inaccuracies and analytical errors, together with false and misleading allegations … The Company was not contacted in advance for any comment on the report.”
Temenos stated it would launch its audited 2023 results after market close Monday, as formerly set up, which the incomes remain in line with a pre-results statement made inJanuary The business decreased to comment when approached by CNBC Friday.
Investment research study company Hindenburg Research’s report declared “hallmarks of manipulated earnings and major accounting irregularities” at Temenos.
Hindenburg stated it was basing its accusations on a four-month examination that included interviews with 25 previous staff members of Temenos and evaluations of lawsuits records and monetary declarations.
Hindenburg Research’s previous brief targets consist of activist financier Carl Icahn’s Icahn Enterprises and Indian corporation Adani Group.
Its Adani report, released in early 2023, implicated the business of “brazen stock manipulation and accounting fraud scheme over the course of decades.” Adani securely rejected the accusations, which it stated were “unsubstantiated speculations.”
In the wake of the report, Adani’s market price lost over $100 billion and it canceled a $2.5 billion equity sale. The Securities and Exchange Board of India likewise opened an examination into Adani.
In January, the nation’s Supreme Court, which is managing the probe, stated there was no basis for the case to be turned over to other authorities and informed the regulator to conclude its examination within 3 months.
