Mon, Apr 15th 2024
After facing serious allegations from Hindenburg Research, Temenos emerges unscathed as independent investigations dismiss all claims.
The software manufacturer Temenos has presented the investigation report on the manipulation allegations made by Hindenburg Research. These were proven to be false in the independent investigation, the company announced on Monday.
The investment research company Hindenburg had accused Temenos of “serious irregularities” in its accounting. According to Hindenburg, there were indications of manipulated profits, among other things.
The auditing firm Alvarez & Marsal was commissioned with the investigation. Temenos also commissioned the law firms Schellenberg Wittmer as Swiss legal advisors and Sullivan & Cromwell as US legal advisors.
The investigation found “that Hindenburg Research made inaccurate and misleading claims about Temenos and its accounting, products and customer relationships, and distorted or took out of context alleged facts about Temenos,” Temenos said.
Following the allegations, Temenos’ share price plummeted. In the multi-page report, Hindenburg Research also pointed out that it was “short” in Temenos shares, i.e. betting on falling prices.
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