The examination was conducted by a Special Committee formed by Temenos' Board of Directors (the 'Board') led by the Non-Executive Chairman,
The Independent Examiners were granted unrestricted access to company executives, personnel, records, communications, and all relevant documents. Their review analyzed the allegations made by
Based on this thorough independent external review, the Special Committee has determined that
Neither the Board, nor its audit committee consider that the findings have any impact on Temenos' previously published financial statements or change their belief that those financial statements fairly represent Temenos' financial position, results of operations, and cash flows. In addition, Temenos's annual report is published today, as previously announced.
Commenting on the announcement,
'I am pleased that the Independent Examiners have completed their review with the full cooperation and transparency from employees across the business. The report has found that Hindenburg's Research's allegations were inaccurate and misleading. It clearly reinforces the Board's view that Temenos is running a sound business, offering best in class products and has robust financial controls and strong governance oversight. Temenos remains fully focused on servicing its clients and building relationships with its partners. The Board is confident that Temenos' strategic plan and critical mass will allow it to continue to lead this market.'
A report of the Independent Examiners summarizing the examination's scope, methodology and findings is now publicly available. Temenos invites its shareholders, clients, and partners to review the findings through this link.
Report to the Board of Directors of
Investor & Media Contacts
Investors
Head of Investor Relations, Temenos
Email: asnyder@temenos.com
+44 207 423 3945
International media
FGS Global on belhalf of Temenos
conor.mcclafferty@fgsglobal.com
+44 7920 087 914
Swiss media
IRF on belhalf of Temenos
meier-pfister@irf-reputation.ch
+41 43 244 81 40
(C) 2024 Electronic News Publishing, source