2023-07-07 10:26:00
The accusations from the activist fund Gotham City Research did not succeed in bringing down the price of SES-Imagotag, quite the contrary. The price of the French company, specialist in electronic labels, jumped 25% (24.58%, to 110 euros per share at 10:48 a.m.) this Friday on the Paris Stock Exchange.
Attacked by speculative funds, SES-imagotag wants to seize the Financial Markets Authority (AMF)
The company, however, had to face serious accusations from the activist fund Gotham City Research, but they clearly did not convince the markets. After an initial report that caused SES-Imagotag shares to collapse by 60% at the end of June, the activist fund reaffirmed its accusations of accounting manipulation, once more attacking the governance of SES-Imagotag this Friday morning in a second publication.
Gotham City Research persists in its accusations
« A closer look on the company’s management and board of directors would reveal, according to the fund, ” misconduct and conflicts of interest that seem as serious, if not more so, than the accounting irregularities that we had identified », lance Gotham City Research.
Gotham considers that several independent members of the board of directors are in fact ” compromise » with executives, in particular because they are invested in Sesim, the investment fund for SES-Imagotag executives, which owns more than 10% of the company.
The fund also accuses the company of failing to state that its main location in Austria is owned by company executives, citing other “ accounting irregularities » and « inconsistencies in figures from the company’s 2022 annual report.
SES-Imagotag announces “ the best semester » of its history in 2023
The company, which made 620 million in turnover in 2022, had denounced in return for ” many gross inaccuracies or misunderstandings “, and had mandated his advice to seize the Financial Markets Authority. Then, she had published a certificate from the Deloitte and KPMG firms which ” the disabled according to her the accusation of double counting of circular income with BOE and of overvaluation of the turnover and the result of which Gotham speaks. ” The first half of 2023 will also be the best half in history “, she had reassured upstream of its results scheduled for July 27 to investors.
Stock market: SES-imagotag refutes one by one the suspicions of a short seller
Opposite, Gotham City Research is also a short seller, which means that it has bet on the fall in the company’s share price, listed in the second French stock market division, the SBF 120. The action of SES-Imagotag was worth 188.60 euros before the publication of the first Gotham City Research report, and had gone down to 66 euros. It is currently around 110 euros.
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