On February 15, 2024, Hindenburg Research released a report entitled “Temenos: Major Accounting Irregularities, Failed Products And An Illusive Turnaround.” This report stated, in pertinent part, that Hindenburg’s investigation into Temenos had “uncovered hallmarks of manipulated earnings and major accounting irregularities. 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.”

On this news, the price of Temenos sponsored American Depositary Receipts (“ADRs”) fell by $28.39 per ADR, or 28.19%, to close at $72.30 per ADR on February 15, 2024.