For the latter, the very much incorrect information conveyed by the report is only intended to undermine the credibility of a company with strong growth and solid fundamentals. He accuses Muddy Waters of using these allegations to profit from the positions he has taken on the title. The fund indeed indicated on Friday that it had kept its short position on the stock.
Invest Securities deemed it “difficult to disentangle the false from the true at this stage.” On Friday, Oddo BHF estimated that “only an independent audit can definitively restore confidence.”
The group took a decision in this direction with the appointment of external experts. The latter “have for mission to analyze, in all independence, the campaign carried out, the damage suffered and the merits of the responses provided”. These missions were entrusted to Didier Kling, the independent auditor President of the Paris Chamber of Commerce and Industry and former President of the National Chamber of Financial Expert Advice, as well as a leading economic intelligence firm.
Muddy Waters has also cracked a new letter addressed to the boss of Solutions 30, Gianbeppi Fortis, in which the fund notably underlines “at least a series of alarming facts concerning its vice-president Francesco Serafini”. He wondered about the terms of the purchase, then the sale of BSI and BRSI, in which Francesco Serafini had an interest.
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