SAN DIEGO, Sept. 16, 2024 (GLOBE NEWSWIRE) -- DiCello Levitt LLP announces that it is investigating whether Temenos AG (“Temenos” or the “Company”) (OTC: TMSNY) violated the federal securities laws, issued false and/or misleading statements, and/or failed to disclose information required to be disclosed to investors.
Investors who purchased Temenos securities and those with information about the allegations are encouraged to obtain additional information and assist the firm’s investigation by contacting DiCello Levitt attorneys Brian O’Mara or Hani Farah by calling (888) 287-9005 or emailing investors@dicellolevitt.com.
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Investigation Details:
Temenos is a Swiss banking software developer and services company.
On February 15, 2024, securities analyst Hindenburg Research published a research report titled Temenos: Major Accounting Irregularities, Failed Products and An Illusive Turnaround. The report is the product of Hindenburg’s four-month investigation in which it interviewed 25 former Temenos employees. In the report, Hindenburg states it “uncovered hallmarks of manipulated earnings and major accounting irregularities [at Temenos]. 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.” A former Temenos executive interviewed by Hindenburg stated that one major deal the Company promoted to investors was “a misrepresentation to the market of the reality of where the revenue was,” adding “I would question whether it really was a[n] above the board transaction or not.” Notably, the report asserts the Company’s senior executives were aware of the accounting manipulations, stating the CEO “encourage[d] the practices.”
In response to the report, the price of Temenos’ American Depositary Receipts (“ADR”) fell $28.39 per ADR, from a closing price of $100.69 per ADR on February 14, 2024, to a closing price of $72.30 per ADR on February 15, 2024, a decline of 28.2% on heavy volume.
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