Eurofins Rebuffs Short Seller Claims Following Share Drop

On Tuesday, Eurofins refuted claims made by short seller Muddy Waters (NYSE), which had cast doubts on the company’s financial reporting, causing its shares to drop by 16% on Monday. Eurofins announced that it would address each point raised in the report "in due course."

"Eurofins believes that the entire set of allegations and insinuations in the report are either inaccurate, irrelevant, biased, and/or misleading," the laboratory testing company stated.

On Monday, Muddy Waters revealed a short position on Eurofins, accompanied by a report suggesting that Eurofins' financial statements might significantly overstate profits, cash balances, and other asset values.

Eurofins responded on Tuesday, asserting it is "completely confident in the integrity of its accounts, operational performance, internal controls, and risk management."

Paraphrasing text from "Reuters" all rights reserved by the original author.