Temenos Sheds $2 Billion as Hindenburg Finds Latest Short Target
- Report cites accounting irregularities, earnings manipulation
- Swiss company says report contains false, misleading claims
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Temenos AG plunged by nearly a third, slashing its market value by $2.1 billion, after Hindenburg Research took a short position and suggested serious flaws in the books of the Swiss provider of software for banks.
The Swiss company denied the report, saying it contained “factual inaccuracies and analytical errors, together with false and misleading allegations.” In its exposé, the activist short-seller founded by Nate Anderson referred to “major accounting irregularities” and said Temenos “manipulated earnings,” practices it claims were an “open secret” within the company.