Swiss co Temenos pulls up short seller Hindenburg that earlier accused Adani

Temenos, a Swiss software firm, announced that a 'special committee' established by its board concluded that the allegations made in a report by Hindenburg Research were inaccurate and deceptive.

The committee has found that the report by Hindenburg, which led to nearly a third of Temenos' stock market value being wiped out, "presented purported facts about Temenos in a distorted manner or out of context," the company said in a statement.

"The report has found that Hindenburg's Research's allegations were inaccurate and misleading," said Chairman Thibault de Tersant.


In February, Hindenburg Research said it had taken a short position in Temenos and claimed there were irregularities with its accounting and earnings. They also said Temenos secretly paid for its own software, using public documents and interviews. Temenos however disagreed with the report.

Temenos stated that its investigation team had full access to its executives, staff, records, communications, and all important documents.

Also on Monday, Temenos said it was "hopeful" of being able to name a new chief executive in time for its upcoming shareholders meeting on May 7.

American short-seller Hindenburg Research had attacked Gautam Adani with allegations of stock manipulation. Hindenburg Research had in 2024 accused the Adani Group of companies of indulging in offshore shell entities, corruption, money laundering and taxpayer theft. Adani had denied allegations of any wrongdoings.

(with inputs from Reuters)