Bodenholm's Johansson Short Sells Spain's ACS as Shares Fall
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Hedge fund manager Per Johansson is shorting Madrid-based Actividades de Construccion y Servicios SA because he alleges the construction company has overstated its earnings, the co-founder of Bodenholm Capital AB said at a conference in London on Thursday. ACS’s shares fell.
The Spanish firm has “accounting irregularities” and there are corporate governance issues, Johansson alleged. He forecast a 40 percent decline in its share price. Johansson said ACS has “a lot of hidden liabilities” and there are “signs of problematic project execution.”