Temenos responds to Hindenburg’s short report on Thursday

Temenos AG have recovered slightly in the past hour after it said it “fundamentally refutes” a short report that Hindenburg Research published today.  

Allegations that Hindenburg made in its short report

Shares of the enterprise software company crash as much as 35% this morning after Hindenburg announced a short position in $TEMN.

Its short report accused Temenos of “manipulated earnings and major accounting irregularities” on Thursday.

The investment research firm also alleged the company executives to have bought only $26 million worth of its stock while they cashed out some $1.1 billion worth of it over the same period.

Other reasons that factored into Hindenburg’s short report on Temenos AG today include “round trip transactions”. The Swiss firm has now tanked back to the price at which it traded in the final week of October, 2023.

Temenos blasts Hindenburg’s report for inaccuracies

Temenos has now broken silence and blasted the investment research firm for “factual inaccuracies and analytical errors” in a recent statement.

The $4.68 billion company based out Geneva, Switzerland also called Hindenburg Research on its “misleading allegations intended to adversely impact the share price”.

Hindenburg did not contact $TEMN for comment on its report either, the aforementioned statement added. All in all, Temenos said it remained confident in its “business, financial performance and cash position”.

The banks and financial services software company is scheduled to report its quarterly financial results on the coming Monday. Wall Street currently rates its shares at “hold”.