NEW YORK, NY / ACCESSWIRE / September 27, 2024 / Levi & Korsinsky notifies investors that it has commenced an investigation of Temenos AG ("Temenos AG") (OTC PINK:TMSNY) concerning possible violations of federal securities laws.
On February 15, 2024, securities analyst Hindenburg Research published a research report titled Temenos: Major Accounting Irregularities, Failed Products and An Illusive Turnaround. In the report, Hindenburg states it "uncovered hallmarks of manipulated earnings and major accounting irregularities [at Temenos]. This includes 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." For example, a former Temenos executive interviewed by Hindenburg stated that one major deal the Company promoted to investors was "a misrepresentation to the market of the reality of where the revenue was," adding "I would question whether it really was a[n] above the board transaction or not." The report is the product of Hindenburg’s four-month investigation in which it interviewed 25 former Temenos employees.
Following this report, the price of Temenos’ American Depositary Receipts ("ADR") fell over 28% on February 15, 2024. To obtain additional information, go to:
https://zlk.com/pslra-1/temenos-ag-lawsuit-submission-form?prid=105723&wire=1
or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212)363-7500.
WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212)363-7500
Fax: (212)363-7171
https://zlk.com/
SOURCE: Levi & Korsinsky, LLP
View the original press release on accesswire.com
COMTEX_458239216/2457/2024-09-27T13:31:32