Globo's CEO, CFO Resign After Unveiling Falsified Financial Data
- Global’s shares suspended after Quintessential report
- Quintessential has opened a short position in the stock
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Globo Plc’s chief executive officer and chief financial officer have resigned after telling the company’s board about falsified data after short-seller Quintessential Capital Management alleged the company lied about its financial position.
At a board meeting of the U.K.-based software maker Saturday, CEO Costis Papadimitrakopoulos and CFO Dimitris Gryparis told the board about “the falsification of data and the misrepresentation” of Globo’s financial information. Chief Operating Officer Gerasimos Bonanos was suspended as the company investigates further, it said Monday in a statement. Globo told its lawyers to report the matter to authorities and its principle bankers.