Samsonite Tumbles After Short Seller Questions Accounting
- Soren Aandahl’s Blue Orca targets world’s No. 1 luggage maker
- Stock drops most since 2012 before halt, euro bonds slump
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Samsonite International SA, the world’s largest branded-luggage maker, tumbled the most since 2012 after short-seller Blue Orca Capital questioned the company’s accounting and corporate governance.
Samsonite concealed slowing growth with debt-funded acquisitions and inflated profit margins with dubious accounting linked to its takeovers, Blue Orca, founded by former Glaucus Research Group research director Soren Aandahl, alleged in a report on Thursday.