After alerting the AMF and seizing the national financial prosecutor’s office for disseminating false and misleading information and market manipulation, Solutions 30 filed a complaint for defamation. This Wednesday morning, Muddy Waters again called on the group to explain certain practices.
Solutions 30 decided to file a defamation complaint. The group has been the target of severe and serious accusations since mid-December, first from an anonymous report, then from the famous short seller, Muddy Waters, who has already sent him five public letters. In these documents, Solutions 30 is the subject of strong criticism because one of its employees would have had links with the Mafia. The report and the letters also point to errors in the accounts and questionable financial arrangements, in particular through the acquisition of empty typos or shell companies.
The group, which installs Linky meters in private homes, disputes all these allegations. He has already seized the Autorité des Marchés Financiers and filed a complaint with the National Financial Prosecutor’s Office for disseminating false and misleading information and market manipulation, “ after the dissemination of an anonymous report for the prosecution, containing a great deal of erroneous and false information “. Solutions 30, headquartered in Luxembourg, also mandated the firms Deloitte and Didier Kling to lead an audit to enable it to respond to accusations against its accounting, governance and reputation.
The calendar amazes
The group is surprised at the schedule chosen by Muddy Waters. “ This information has been exploited and publicly disseminated by the hedge fund Muddy Waters which, in two letters dated January 25 and 27, 2021 and written in its own name, brings new allegations, false and misleading. These broadcasts, the sole purpose of which is to take advantage of the fall in the Solutions 30 share, first took place two trading days before the publication of the group’s annual turnover and then, for the second, the day after the publication of strong growth in annual turnover »Says Solutions 30 in a press release.
The Solutions 30 case in six questions
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Monday morning, in fact, for the fourth time in about a month, the famous short seller sent a public letter to Solutions 30. He criticized the choice of experts appointed by the company to examine the accounts and contested, in detail , business accounting. This Wednesday, again, Muddy Waters dealt a new blow by sending a letter to Solutions 30. He summons the chairman of the management board Gianbeppi Fortis to explain the links between his digital group and certain entities suspected of money laundering.
Solutions 30 shares plunged 55% between December 8, the start of these attacks, and December 15. It had since recovered, but the letter from Muddy Waters, published on Monday, caused the price to drop by more than 20%. Wednesday morning, the group’s action lost nearly 6.5%, to 10 euros.