NEW YORK, Feb. 16, 2024 (GLOBE NEWSWIRE) -- Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of Temenos AG (“Temenos” or the “Company”) American Depositary Shares (OTC: TMSNY).
Before the market opened on February 15, 2024, Hindenburg Research published a short seller report entitled Temenos: Major Accounting Irregularities, Failed Products and An Illusive Turnaround. Hindenburg said it investigated the Company for four months and talked to 25 former employees and alleged it “…uncovered hallmarks of manipulated earnings and major accounting irregularities. This includes evidence of roundtripped revenue, sham partnerships, rampant pulling forward of contract renewals, backdated contracts, excessive capitalization of seemingly non-existent R&D investments and other classic accounting red flags.” On this news, Temenos’ ADS price fell from $100.69 per ADS on February 14, 2024 to close at $72.30 per ADS on February 15, 2024, a decline of 28.2% on very heavy volume.
Investors who lost over $50,000 trading in Temenos’ ADS and who would like to discuss the investigation should contact Adam Savett at (212) 451-9655, or asavett@wolfpopper.com.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper’s reputation and expertise have been repeatedly recognized by courts that have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm’s website at www.wolfpopper.com.
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Wolf Popper LLP
Adam Savett
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9655
Email: asavett@wolfpopper.com
