Temenos AG said an independent examination found allegations made two months ago by short seller Hindenburg Research about the company’s accounting practices, products and client relationships to be “inaccurate and misleading”.

The review “clearly reinforces the board’s view that Temenos is running a sound business” and has “robust financial controls and strong governance oversight,” chairman Thibault de Tersant said in a statement on Monday. The board and the audit committee also concluded that the findings have no impact on the annual financial statements previously published by Temenos, the company said.

“Hindenburg made a series of inaccurate and misleading allegations about Temenos and its accounting, products, and client relationships,” the special committee concluded in a summary of its findings. Hindenburg also presented purported “facts” about Temenos “in a distorted manner or out of context,” it said.

Temenos also said it’s “hopeful” it will be able to introduce a new chief executive officer at an annual shareholders meeting scheduled for May 7 in its annual report published on Monday after a delay caused by the review.

Temenos faced calls to replace its interim CEO Andreas Andreades and address Hindenburg’s allegations, which sent the Swiss fintech’s shares plummeting on Feb 15, wiping US$2.1 billion off its market value. The stock has languished ever since, closing down 1.3% at 61.40 Swiss francs last Friday.

Temenos’s board of directors formed a special committee of independent directors to examine Hindenburg’s allegations, retaining Schellenberg Wittmer Ltd and Sullivan & Cromwell LLP as counsel and forensic accountants from Alvarez & Marsal Switzerland LLC.

  - Bloomberg