LONDON (Reuters) – Temenos shares tumbled by more than 25% in volatile trading after Hindenburg Research said it had taken a short position in the Swiss software firm and alleged accounting irregularities in a report it published on Thursday.
Temenos representatives did not immediately respond to email and telephone requests for comment.
Temenos shares were down 27% at 64.18 francs as of 1222 GMT, with trading halted numerous times.
They were set for their largest one-day percentage fall since 2012.
Hindenburg in its report, published on its website, alleged “hallmarks of manipulated earnings and major accounting irregularities”.
Hindenburg Research was founded in 2017 by Nathan Anderson.
It is a forensic financial research firm which through public filings and investigations finds firms where there has been aggressive accounting and sometimes, fraud, and places bets against those companies.
(Reporting by Alun John, Nell Macenzie and Samuel Indyk; editing by Amanda Cooper and Jason Neely)
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