LONDON, June 22 (Reuters) – SES Imagotag was suspended from the Paris Stock Exchange on Thursday after hedge fund Gotham City Research published a note that found the French group’s financial accounts to be “misleading, incorrect and incomplete”. .
“We have identified accounting irregularities, which lead us to believe that the financial statements of (SES Imagotag) will need to be rectified,” said Gotham City Research, which specializes in short selling.
“The turnover for the period 2020-2022 is overestimated by at least 7% to 13% and the Ebitda for 2022 by 106%”, he adds, specifying that an “independent and exhaustive investigation “should confirm his findings.
Contacted by Reuters, SES Imagotag, which specializes in electronic tagging, was not immediately available for comment.
SES Imagotag’s stock was listed down 20% more in trading ahead of the open, according to data from Refinitiv. (Nell Mackenzie and Amanda Cooper, French version Laetitia Volga, editing by Kate Entringer)
©2023 Thomson Reuters, all rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. “Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.