The banking software company completed the independent examination into the allegations made by Hindenburg Research on the 15th of February 2024. The overall examination process was conducted by a Special Committee formed by Temenos’ Board of Directors (the ‘Board’).
The Independent Examiners were granted full and unrestricted access to company executives, personnel, records, communications, as well as all of the relevant documents on the matter. The review was expected to analyse the allegations of accounting standards and regulations, collaborations, partnerships, license renewal practices, development of the company’s products, as well as client relationships, and stock buybacks. The findings were based on a review of more than 300,000 documents and electronic communications, including interviews with 17 current and former Temenos employees. In total, over 150 forensic and attorney accounting professionals were including in the process of investigating the allegations.
The Special Committee has determined that Hindenburg Research made an incorrect and misleading set of allegations about Temenos, as well as its accounting, products, and customer relationships. The Special Committee also determined that Hindenburg Research presented purported facts about the company in a distorted manner or out of context. The findings of the independent examination have already been presented to the full Board, according to the official press release.
Furthermore, neither the Board nor its audit committee considers that the findings have any impact on Temenos’ previously published financial statements. In addition, the findings are not expected to change the overall belief that those financial statements fairly represent Temenos’ financial position, cash flows, or results of operations.
Temenos also announced the publication of its annual report, while the firm is set to continue to remain fully focused on meeting the needs, preferences, and demands of its clients, as well as building secure relationships with its partners. In addition, the company will prioritise the process of remaining compliant with the regulatory requirements and laws of the industry.
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