NEW YORK, March 3, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Temenos AG (“Temenos” or the “Company”) (OTC: TMSNY). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Temenos and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 15, 2024, Hindenburg Research (“Hindenburg”) published a report entitled “Temenos: Major Accounting Irregularities, Failed Products and An Illusive Turnaround.” Citing a four-month investigation of the Company and discussions with 25 former employees, Hindenburg claimed to have “uncovered hallmarks of manipulated earnings and major accounting irregularities,” including “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.”
Following publication of the Hindenburg report, Temenos’s American depositary share (“ADS”) price fell $28.39 per ADS, or 28.2%, to close at $72.30 per ADS on February 15, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
