Following a four-month investigation, Hindenburg Research made charges alleging Temenos had engaged in numerous financial manipulations to artificially inflate its earnings. Citing results from interviews with 25 former workers, including top executives, it revealed what it called "major accounting irregularities and manipulated earnings."

Temenos' stock value took a serious hit after the accusations, falling by about a third. This dip was the biggest one-day drop in Temenos' trading history. The company's board of directors established a special committee made up of independent directors to look into these complaints.

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Temenos said that it gave the independent examiners unfettered access to all pertinent papers, individuals, records, conversations, and business officials. The claims stated by Hindenburg Research were examined, along with Temenos' adherence to relevant accounting standards and laws, strategic alliances, license renewal procedures, product success, client relationships, and stock buybacks.

Hindenburg made a number of "inaccurate and misleading allegations about Temenos and its accounting, products, and client relationships," according to the investigation that followed. Furthermore, Hindenburg misrepresented or published "alleged 'facts' about Temenos out of context."


"I am pleased that the independent examiners have completed their review with the full cooperation and transparency from employees across the business," stated Temenos chairman Thibault de Tersant in response to the announcement.

The investigation concluded that the claims made by Hindenburg's Research were false and deceptive. It unequivocally supports the board's assessment that Temenos is operating a sound company, providing best-in-class products, and maintaining strict governance and financial controls.

"Temenos is still entirely committed to providing for its customers and cultivating partnerships. The board has faith that Temenos will be able to maintain its leadership position in this market thanks to its strategic strategy and critical mass.