Banking software provider Temenos announced the completion of an independent review on 15 April 2024, addressing allegations made by Hindenburg Research in February.

The investigation was led by a special committee under Temenos’ Non-Executive Chairman Thibault de Tersant and supported by legal and forensic experts from Schellenberg Wittmer Ltd, Sullivan & Cromwell LLP, and Alvarez & Marsal Switzerland LLC.

The committee reportedly had full access to all necessary resources, including company executives, personnel, and documents.

The process involved over 150 legal and accounting professionals who reviewed more than 300,000 documents and communications and conducted interviews with 17 current and former employees, totaling more than 22,000 hours of investigative work.

The extensive review focused on various operational aspects such as compliance with accounting standards, strategic partnerships, license renewal practices, product success, client relationships, and stock buybacks.

According to Temenos, the findings from the special committee debunked the allegations from Hindenburg Research, labeling them as incorrect, misleading, and often presented out of context.

The independent review confirmed that these findings have no impact on the validity of Temenos’ previously published financial statements, which the board and audit committee affirm as a true representation of the company’s financial health.

Thibault de Tersant, Chairman of Temenos said,

“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.”