Merchants work on the ground of the New York Inventory Alternate throughout morning buying and selling on Jan. 31, 2024.
Michael M. Santiago | Getty Pictures
Shares in Swiss software program firm Temenos have been down over 6% on Friday afternoon, extending Thursday’s losses after they closed over 28% decrease.
Temenos on Thursday launched a assertion saying its board of administrators “basically refutes” a report by short-seller Hindenburg Analysis.
Temenos shares have been down 6.1% at 1:17 p.m. London time, buying and selling round 59.66 Swiss francs ($67.67).
In its assertion, Temenos stated Hindenburg’s report “accommodates factual inaccuracies and analytical errors, along with false and deceptive allegations … The Firm was not contacted upfront for any touch upon the report.”
Temenos stated it might launch its audited 2023 outcomes after market shut Monday, as beforehand scheduled, and that the earnings are according to a pre-results announcement made in January. The corporate declined to remark when approached by CNBC Friday.
Funding analysis agency Hindenburg Analysis’s report alleged “hallmarks of manipulated earnings and main accounting irregularities” at Temenos.
Hindenburg stated it was basing its allegations on a four-month investigation which included interviews with 25 former staff of Temenos and assessments of litigation information and monetary statements.
Hindenburg Analysis’s earlier quick targets embrace activist investor Carl Icahn’s Icahn Enterprises and Indian conglomerate Adani Group.
Its Adani report, revealed in early 2023, accused the corporate of “brazen inventory manipulation and accounting fraud scheme over the course of many years.” Adani firmly denied the allegations, which it stated have been “unsubstantiated speculations.”
Within the wake of the report, Adani’s market worth misplaced over $100 billion and it canceled a $2.5 billion fairness sale. The Securities and Alternate Board of India additionally opened an investigation into Adani.
In January, the nation’s Supreme Court docket, which is overseeing the probe, stated there was no foundation for the case to be handed over to different authorities and advised the regulator to conclude its investigation inside three months.
