LONDON (Alliance News) - Globo PLC said Friday it refuted "all allegations" made in a report published by Quintessential Capital Management, as it said it has requested for its shares to be suspended from trading on AIM in order to protect shareholder's interests and give it time to provide a more detailed response.
Globo is a mobile platform and services company.
The report from Quintessential Capital Management, a New York based long-short global equity fund, said that it has collected "overwhelming evidence suggesting the existence of what appears to us a large-scale conspiracy to deceive investors and creditors through pervasive and systematic accounting manipulation."
The 39 page report goes on to claim: "While a minor portion of its business is authentic, the results of our investigation strongly suggest that at least 60% of Globo's turnover is fabricated. The company?s alleged activities, in our view, suggest possible criminal behaviour and to cause its total demise if exposed."
In response, Costis Papadimitrakopoulos, chief executive officer and founder of Globo, said in a statement: "Our focus remains unchanged in developing the strength and market positioning of our core enterprise mobility product offering."
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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