(Bloomberg) -- Temenos AG shares soared the most since 2008 after it said an independent examination found allegations made by short seller Hindenburg Research about the company to be “inaccurate and misleading.”

The review “clearly supports the board’s confidence in our products, the integrity of our accounting, credibility of our management and our ability to deliver services to our clients,” Chairman Thibault de Tersant said in a interview 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.

Separately, activist investor Petrus Advisers Ltd. told Temenos in a letter it would be willing to discuss legal options against Hindenburg. Petrus, which holds a stake of just under 3% in Temenos, also asked Swiss financial watchdog Finma to initiate proceedings against the short seller, it said.

Bloomberg News has reached out to Hindenburg for comment. Finma said it doesn’t comment on individual cases or procedures.

Hindenburg had alleged “major accounting irregularities” and that Temenos “manipulated earnings,” adding that the practices were an “open secret” within the firm in a report that sent the Swiss fintech’s shares plummeting on Feb. 15, wiping $2.1 billion off its market value. The stock jumped as much as 22% on Monday, the most since 2008.

Search for CEO

The firm has faced repeated activist calls to replace its interim CEO Andreas Andreades and address Hindenburg’s allegations.

Temenos 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.

The special committee of independent directors who examined Hindenburg’s allegations included Schellenberg Wittmer Ltd and Sullivan & Cromwell LLP as counsel and forensic accountants from Alvarez & Marsal Switzerland LLC.

Temenos creates cloud-based software that financial institutions can use to offer digital banking solutions, foreign exchange and identity verification services. It’s used by more than 3,000 clients including Standard Chartered, Julius Baer, and Nordea, according to its website.

--With assistance from Dylan Griffiths and Eyk Henning.

(Adds comments from Petrus Advisers letter, updates shares)

©2024 Bloomberg L.P.